Scottish maritime tech firm RAB-Microfluids has raised £2.2 million in new equity funding.

The company has developed and patented a microfluidic “lab on a chip”, in a bid to radically improve oil lubrication analysis.

The technology diagnoses early signs of failure in real time, preventing costly machinery break downs in equipment such as main engines, gearboxes, and generators and claims to be up to 1,000 times quicker and “significantly cheaper” than land-based laboratories.

It intends to launch the device later this year and hopes the technology can be deployed on a variety of vessels including ferries, cruise ships, superyachts, and tankers.

To drive growth, the firm is moving to larger premises at Aberdeen’s Energy Development Centre to kickstart manufacturing as well as for regulatory approvals. It is further creating eight new roles with the funding led by Par Equity and supported by existing investors, Eos Advisory, Newable Ventures and Scottish Enterprise.

It marks the second equity cash injection from the partners, having secured £1.25m in January 2021.

Chief Executive Rotimi Alabi said the company is winning new business and is aiming to hit a £2m turnover by 2024. He said growth will be driven by a strengthened team of engineers, scientists and sales professionals.

“This is a huge moment for RAB-Microfluidics as we look to launch the technology and we must sincerely thank our investors for backing us and believing in our vision,” he said.

“The technology fills a big gap in the engine condition monitoring market. We’ll use the funding to catapult the business forward commercially with a stronger corporate, sales and marketing operation.

“We are actively looking to speak with ship owners worldwide. To raise awareness, we’ll be showcasing the technology at trade fairs globally starting at SMM in Hamburg in September.”

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Jamie Grant, RAB-Microfluidics director of commercialisation and former general manager with V Group, said: “It is brilliant to receive this equity funding after proving the technology’s potential on pilot projects working with the likes of NorthLink Ferries.

“We know a major pain point in shipping is equipment failure, which is costly in terms of downtime and repairs. A ship out of service is a stranded asset not maximising revenue.”

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