ABERDEEN University start-up oil analysis firm RAB-Microfluidics has secured £1.24 million in an investment round led by Eos Advisory.
The funding, supported by London-based Newable Ventures, Scottish Enterprise and existing investors, will help the spin-out strengthen its team and further develop its product plans.
The company, selected for the TechX Pioneers accelerator programme run by Aberdeen based OGTC in 2018, has developed what it calls “laboratory on a chip” technology so that oil samples from heavy machinery like pumps and generators can be analysed on site instead of being shipped to onshore laboratories.
Through analysing samples on site, operators are able to assess how machinery is performing and when maintenance is required.
Led by Dr Rotimi Alabi, RAB-Microfluidics has a UK and global customer base from the maritime, renewable wind, other power generation, aerospace and defence, processing and manufacturing, oil and gas, and transport industries.
Dr Alabi, founder and chief executive officer, said: “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.”
Andrew McNeill, Eos Advisory’s managing partner, 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.”