Omani VC Phaze Ventures adds monitoring technology company to portfolio
Oman-based venture capital firm Phaze Ventures has invested in SpotLight, a French geoscience start-up that provides dynamic detection of subsurface movements.
The deal marks Phaze’s seventh investment since the firm was established in 2018, building on its mission to transform traditional industries with disruptive technology.
SpotLight’s proprietary single source, single receiver seismic monitoring technology is currently being piloted by Petroleum Development Oman, a leading explorer and producer of crude oil and natural gas in the Sultanate of Oman.
With 4D seismic monitoring having proven prohibitively expensive in most use cases, Spotlight’s technology reduces the cost of effective real-time monitoring, and unlocks the possibility of accurate monitoring for a much wider range of projects than before.
SpotLight says this includes, but is not limited to, projects stretching across the oil and gas value chain and nuclear storage.
Habib Al Khatib, founder and CEO at SpotLight, adds: “We are thrilled to be a part of the Phaze Ventures portfolio. Over the last six months we have been working very closely with the team and Petroleum Development Oman to further develop and deploy our technology in-country. The results so far have been very exciting and we look forward to continuing our rapid progress over the months and years to come.
“Phaze Ventures’ deep industry partnerships and network will play a crucial role in that development, as its unique ability to help us organise live pilots with major industry players presents a fantastic opportunity for us to extend our reach and continuously improve our understanding of the global market.”
Abdullah Al-Shaksy, CEO and co-founder at Phaze, concludes: “SpotLight’s technology marks a tremendous step forward in industries’ ability to monitor and prevent subsurface environmental impact in a non-invasive and cost-effective manner.
“This sort of innovation is precisely what Phaze Ventures was founded to support. We exist to uncover the companies with both the technical ability and commercial potential to make a real difference to traditional industries, and give them access to the network, support and opportunities they need to succeed. SpotLight is a perfect example.”