Growth Capital

Red Spider Technology

In May 2005 we provided £400,000 of funding to Red Spider, which was commended last year at the Scottish Offshore Achievement Awards in the categories of most promising company and innovative technology. The company specialises in the design of well intervention tools and completion products which help oil producers increase efficiency and save time and costs. The funding was provided from Nova Technology Fund, an oil and gas venture capital fund, set up in 2000 by the major players in the UK oil and gas industry. It invests in businesses to help them develop technology which will result in a step-change in North Sea operations, whether by reducing costs or enhancing health and safety or optimising drilling opportunities.