Scottish research and development firm RAB-Microfluidics has secured £1.24m in an investment round led by Eos Advisory.
The funding round, which also includes London-based Newable Ventures, Scottish Enterprise and existing investors, will help the company strengthen its team and further develop its product roadmap.
The startup was built out of the University of Aberdeen and selected for the TechX Pioneers accelerator programme run by OGTC in Aberdeen in 2018.
It has developed “laboratory on a chip” technology, which means oil samples from heavy machinery like pumps and generators can be analysed on site instead of being shipped to onshore laboratories.
Led by founder and chief executive Dr Rotimi Alabi, RAB-Microfluidics has a UK and global customer base in the maritime, renewable wind, other power generation, aerospace and defence, processing and manufacturing, oil and gas, and transport industries.
“We are revolutionising oil testing and analysis services by making conventional laboratory procedures mobile, rapid and routine,” Alabi said. “We do this by delivering oil analysis more than one thousand times faster and around 10 times cheaper than the current approach that is based on sending oil samples to laboratories.”
Eos Advisory’s managing partner Andrew McNeill said: “RAB-Microfluidics is one of the most exciting early stage Scottish technology companies in the energy sector and we’re pleased to have brought together such a strong set of investors to support Rotimi and his team through their next phase of growth.”
Jan Robertson, interim director at Scottish Enterprise, added: “We’ve been working closely with the company in recent years to help it fully commercialise its cutting-edge microfluidic technology.
“We are pleased to be able to continue our support by participating in this latest funding round and look forward to seeing the company go from strength to strength.”