Spokane-based geothermal drilling technology startup HyperSciences Inc. has raised $87,700 in venture capital, bringing the company’s total funding raised to $12 million since 2018.
According to proprietary market data software subscription platform PitchBook, HyperSciences raised its latest round of financing from undisclosed investors on Oct. 23. Additionally, the company raised nearly $2 million in venture funding from undisclosed investors on July 9.
A representative of the company couldn’t be reached for comment.
According to PitchBook, the startup has 12 active investors, including the Seattle-based Alliance of Angels; Spokane-based Cowles Co.; Utah-based Kickstart Seed Fund; NASA; The Hague, Netherlands-based Royal Dutch Shell PLC; and the Seattle-based Washington Research Foundation.
Located at 2311 E. Main Ave., HyperSciences was founded in 2014 by Mark Russell and builds and tests prototypes of drilling technology using cost-effective chemical energy to “accelerate consumable projectiles to hypersonic velocities to increase the rate of penetration,” according to PitchBook.
HyperSciences currently has 39 patents approved or pending and 15 utility patents issued or allowed, according to its website.
In October, HyperSciences received the American-Made Challenge award for the Geothermal Manufacturing Prize Ready! competition, allowing the company to continue to the next stage of the competition.
According to the company’s Q3 2020 Investor Update, HyperSciences has partnered with Houston-based Howco, a subsidiary of the Tokyo-based Sumitomo Corp., for additive manufacturing needs for the next stage of the American-Made competition.
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