Energy Ventures III exits NovaDrill
Energy Ventures III LP has sold Utah-based NovaDrill to an unnamed strategic buyer.
NovaDrill, established in August 2008, has developed an advanced downhole drilling technology that provides a complete directional drilling and formation evaluation system. NovaDrill's system can substantially improve drilling efficiency and well productivity
The sale marks Energy Ventures´second successful exit in the last six months and the fund manager´s eighth over the last seven years.
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| Fund | Energy Ventures III |
| Portfolio Company | NovaDrill |
| Date of transaction | 2010-01-27 |
| Transaction | Trade-sale |
| Seller | |
| Buyer | Unknown |
| Size of transaction | |
| Ind.focus | Energy |
| Geography | USA |
| Stage | Venture |