Scottish R&D company AB-Microfluidics has secured a 拢1.24m investment round led by Eos Advisory.
The Aberdeen-based firm is in the process of developing microfluidic technology that solves oil analysis problems. The 鈥渓aboratory on a chip鈥� technology allows for on-site analysis of oil samples from heavy machinery such as pumps and generators.
It said the investment round, which includes funding from Newable Ventures, Scottish Enterprise and existing investors, will allow for new hires and a new phase of growth.
The firm is a spin-out startup from the University of Aberdeen, the firm has participated in the TechX Pioneers accelerator programme run by the Oil and Gas Technology Centre (OGTC).
Commenting on the investment, RAB-Microfluidics CEO and Founder Dr Rotimi Alabi said: 鈥淩AB Microfluidics has identified that businesses who own and operate lubricated heavy machinery have a significant challenge around how the conditions which ensure the reliability of such machines are monitored.
鈥淲e are revolutionising oil testing and analysis services by making conventional laboratory procedures mobile, rapid and routine. We do this by delivering oil analysis more than one thousand times faster and around ten times cheaper than the current approach that is based on sending oil samples to laboratories.鈥�
Eos Advisory鈥檚 Managing Partner, Andrew McNeill, added: 鈥淩AB-Microfluidics is one of the most exciting early stage Scottish technology companies in the energy sector and we鈥檙e pleased to have brought together such a strong set of investors to support Rotimi and his team through their next phase of growth.鈥�