In his front-page feature article, San Fernando Valley Business Journal Staff Writer Joel Russell wrote a feature on Seven Lakes Technologies Series A funding from Carrick Capital Partners.
“Crude oil has lost 40 percent of its value since July – but that has brought a windfall for a Westlake Village software firm. Seven Lakes Technologies Inc. helps oil well operators improve efficiency by squeezing as much money as possible from every barrel…” “In March, Seven Lakes received $20 million in Series A financing from a Newport Beach private equity fund. It was the largest venture investment in the greater Valley during the first quarter according to PriceWaterhouseCoopers and the National Ventura Capital Association.”
“Jim Madden, the managing director at Carrick Capital Partners who now serves on the Seven Lakes board, said when oil prices plummeted he started looking around for a good technology play on the trend. We did a number of calls to customers, asking them who has a better mouse trap,” Madden said. “Seven Lakes was mentioned on seven out of the eight phone calls. Of course, we checked out the technology to make sure it was as advertised and came away feeling positive.”
“Carrick’s portfolio includes companies in a similar growth position as Seven Lakes. For example, Axiom in New York is a legal technology firm providing software to large corporations. InfraScale in El Segundo handles cloud backup and data protection for companies.”