According to a May regulatory filing, Kelly Joy had raised at least $12 million in capital from 23 investors for the new company, Encore Wellhead Systems, based in Houston.
Joy recently told the Houston Business Journal (HBJ) that the raise has since grown to $36 million.
According to the HBJ report, Encore began shipping equipment in the past two months and is using a subcontractor to build its wellhead systems.
