Devico

Name

Devico

Legal name

Devico AS

Website

https://devico.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Directional Core Drilling Technology

NAICS

Mining and Oil and Gas Field Machinery Manufacturing (33313), Geophysical Surveying and Mapping Services (54136), Drilling Oil and Gas Wells (213111)

SIC

Industrial Instruments For Measurement, Display, And Control (3823)

akta.pro primary industry

Exploration & Production Drilling Services (RC, Core, Directional, Sonic, Auger) (IMAKAKAB)

akta.pro secondary industries

Drilling Rigs & Drill Systems (IMAHAMAA), Drill Tools, Bits & Downhole Equipment (IMAHAMAB), Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA), Geotechnical & Subsurface Engineering Consulting (BPAHAIAB)

Keywords

• Directional core drilling
• Borehole surveying
• Downhole navigation
• Mining exploration technology
• Gyro survey instruments

Headquarters

HQ city

Heimdal

HQ country

Norway

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Directional Core Drilling (DCD) Services: Devico provides directional core drilling as a service, deploying expert field engineers to supervise drilling projects on client sites worldwide. Revenue is generated through service contracts, likely billed per meter drilled or per project.
2. Borehole Surveying Instruments (Sales & Rentals): Devico designs, manufactures, and sells proprietary borehole surveying instruments (DeviGyro range, DeviAligner, DeviShot) and ancillary items (centralizer kits, orientation mule-shoes, DeviHealth, DeviCounter). Products are available for both purchase and rental. DeviCloud and ADE software features are provided free to customers who purchase/rent compatible instruments.
3. Software/Data Management (DeviCloud): DeviCloud survey data management platform is provided free of charge to customers who purchase or rent compatible Devico borehole surveying instruments. No standalone software revenue model was identified.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Devico designs, manufactures, and sells proprietary directional core drilling (DCD) systems and borehole surveying instruments (DeviDrill, DeviGyro, DeviAligner, DeviShot) used in mineral exploration and civil construction. The company also delivers DCD as a service via expert field engineers who supervise directional drilling projects on client sites worldwide. Its DeviCloud platform provides QA/QC survey data management for drillers, geologists, and engineers.

Product overview

Devico is a leading supplier of directional core drilling services and borehole surveying solutions. The product portfolio centers on three core technology pillars: (1) Directional Core Drilling systems including DeviDrill (coring) and DeviDrill RSS (non-coring rotary steerable system); (2) Downhole Navigation instruments including the DeviGyro platform with multiple running gear configurations (RG40 Standard, RG30 Slimline, RG30 Helix, Overshot Xpress, OX Mini) and DeviShot (discontinued); and (3) Survey Data Management via DeviCloud platform with features like Automatic Depth Estimation (ADE) and Acceptance Rules. Supporting products include DeviAligner (rig alignment), DeviCore BBT (core orientation, discontinued), and various accessories (DeviCounter, DeviRodder, DeviHealth, Orientation Mule-Shoe, RG400 Centralizer Kit, Vertical Orientation Kit). Products are designed, developed, and manufactured in Norway with approximately 90% local sourcing. Devico operates as an IMDEX company since 2023 acquisition.

Differentiator

Problem solved

Functional benefit

Brands

• DeviDrill: Innovative directional core barrel based on wireline core drilling technology for directional core drilling
• DeviGyro
• DeviShot
• DeviCore BBT
• DeviAligner
• DeviCloud

Products and services

• DeviDrill Innovative directional core barrel based on wireline core drilling technology. Steers boreholes along predefined trajectories according to drill plan while simultaneously capturing drill core samples. Fits standard N-size wireline drill strings with no additional pumps or strings required. Designed for mining exploration and civil construction.
• DeviDrill RSS Non-coring rotary steerable system with full-face drill bit capable of drilling up to 5x faster than directional core drilling. Compatible with N-size drill strings and operated with the same equipment as a standard core barrel. Designed for high-speed directional drilling without core recovery.
• DeviGyro Continuous rate gyro borehole survey instrument for downhole navigation. Precisely detects and quantifies movement as it traverses the drill hole, providing highly accurate, repeatable data at any angle. Supports continuous or multi-shot surveying modes at speeds up to 100m/min. Available in multiple interchangeable running gear configurations (RG40 Standard, RG30 Slimline, RG30 Helix, Overshot Xpress, OX Mini) for diverse drilling applications.
• DeviAligner North-seeking gyro alignment system with the fastest settling time on the market (under 5 minutes). Records precise azimuth (±0.15° sec lat), inclination (±0.1°), and roll angles. Uses advanced fiber optic gyro technology and works both at surface and underground drill sites. Runs on off-the-shelf Milwaukee M18 commercial batteries.
• DeviCloud Cloud-based survey data management platform connecting drillers, geologists, and engineers. Supports two-way communication, 2D/3D plotting, secure encrypted data transfer, instant QA/QC analysis, acceptance rules, and comprehensive reporting. Compatible with DeviGyro, DeviFlex RAPID, DeviAligner, and DeviShot instruments. Free for compatible Devico instrument customers.
• DeviShot Leading survey instrument for measuring drill hole path in non-magnetic environments. Provides single and multi-shot capability. Discontinued product with service and support continuing until December 31, 2026.
• DeviCore BBT Digital core orientation system enabling wireless operation via Brilliant Blue Technology (BBT) Bluetooth communication. Discontinued product replaced by IMDEX ACTx system with service and support continuing until December 31, 2026.
• Directional Core Drilling Services Devico provides directional core drilling as a service, deploying expert field engineers to supervise directional drilling projects on client sites worldwide. The company prepares directional proposals at no cost for prospective clients and serves mining exploration, mining production, and civil construction customers globally.
• Borehole Surveying Solutions Borehole surveying solutions including diamond core drilling, drill and blast QA/QC, geotechnical investigation, and raising boring pilot hole surveying. Delivered through Devico instrument sales and rentals as well as field service deployments for mining production and civil construction customers.

Quantifiable outcome

• 20–50% time and cost savings compared to conventional drilling
• +5 more outcomes

Named customers13 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature8 records

Partnerships

Four partnerships are on record, tiered flagship, core and standard.

• IMDEX Limited (ASX:IDX)flagshipStrategic or Co-development Partner · 18 January 2023Devico was acquired by IMDEX Limited on January 18, 2023. IMDEX is a leading mining technology company enabling resource companies and drilling contractors to find, define and mine orebodies with precision. The acquisition combines Devico's directional core drilling and borehole surveying leadership with IMDEX's broader mining tech portfolio. Devico continues to operate under its brand name with 'business as usual' operations. Together they aim to be the undisputed No. 1 technology company of their kind globally.
• Downhole Surveys DHS (AUST) Pty LtdcoreTechnology or IntegrationLong-term Australian partner and distributor. Mike Ayris, Founder of Downhole Surveys, co-developed and co-patented the helix centralizer technology with Devico's R&D team. Downhole Surveys serves as both technology collaborator and distributor for Devico products in Australia.
• STYR SpA (Chile)coreChannel Partner/ Reseller/ DistributorAuthorized distributor for Devico survey tools in Chile, Colombia, and Peru. STYR SpA handles sales and support of Devico borehole surveying instruments and directional drilling services in South American markets.
• Abem IndiastandardChannel Partner/ Reseller/ DistributorAuthorized distributor for Devico products in India. Handles sales and support for borehole surveying and DCD services in the Indian market.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• IMDEX Limited: Parent mining-technology company with a broad portfolio spanning drilling optimization, sensing and data; encompasses and overlaps Devico's niche as part of a wider offering.
• Major Drilling Group International: Large specialized mineral exploration drilling contractor including directional and deep-hole drilling services, competing with Devico's DCD services on client mine sites.
• Boart Longyear: Global drilling services and products company serving mining exploration, including drilling rigs, tooling and in-hole instrumentation, overlapping broadly with Devico's drilling and surveying offering.

Emerging players

• DGI Geoscience: Offers borehole imaging, geophysics and downhole survey services for mining exploration, intersecting with Devico's borehole surveying and QA/QC data niche.

Direct peers

• REFLEX (IMDEX): IMDEX's own brand offering gyro surveying, core orientation and rig alignment tools for mineral exploration; a sibling/overlapping product line to Devico within the same parent and category.
• Icefield Tools: Canadian manufacturer of Gyro Master borehole survey instruments for mineral exploration and mining, overlapping Devico's downhole navigation product category.
• Axis Mining Technology: Australian maker of borehole gyro surveying and core orientation instruments (Champ Navi Gyro) for mineral drilling, directly overlapping with Devico's DeviGyro and DeviCore products and mining customer base.
• Stockholm Precision Tools: Provides gyroscopic borehole surveying instruments and services for mining, geotechnical and energy drilling, directly comparable to Devico's DeviGyro surveying franchise.

Others

• Gyrodata: Provides directional drilling and wellbore gyro surveying primarily for oil and gas; adjacent technology overlap with Devico's gyro surveying and steering but focused on a different end-market.

Regional players

• Capital Limited: Mining services group providing exploration and grade-control drilling plus geoscience services, competing in the drilling-services space Devico's DCD offering serves, weighted toward Africa and other regions.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/DevicoAS

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Devico