A Scottish R&D company developing cutting-edge microfluidic technology that solves oil analysis problems has secured a £1.24-million investment round led by Eos Advisory.
Aberdeen-based RAB-Microfluidics said the investment round, which also includes funding from Newable Ventures, Scottish Enterprise and existing investors, will enable it to expand its team and embark on a new phase of growth.
RAB-Microfluidics is a spin-out startup from the University of Aberdeen. Previously, the firm has participated in the TechX Pioneers accelerator programme run by the Oil and Gas Technology Centre (OGTC).
The firm has developed what it calls “laboratory on a chip” technology which allows for the on-site analysis of oil samples from heavy machinery such as pumps and generators.
Traditionally, samples have been shipped to onshore laboratories. However, by analysing samples on site, the company says operators are able to more conveniently assess how machinery is performing and identify when maintenance is required.
Commenting on the investment, RAB-Microfluidics CEO and Founder Dr Rotimi Alabi said: “RAB 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.
“We 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.”
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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, Scottish Enterprise, added: “RAB-Microfluidics is a significant early-stage technology company with high growth potential that has much to offer a wide range of industries globally.
“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.”