A SCOTTISH research and development company has secured over £1m in its latest investment round.
Aberdeen based RAB-Microfluidics secured 1.24m in finances in their latest investment round led by EOS Advisory.
The company is now looking to strengthen its team and further develop its product roadmap as the company enters its next phase of growth.
The firm has developed what it calls a “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.
Founder and CEO 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.”
The latest investment round, also included London-based Newable Ventures, Scottish Enterprise and existing investors.
Eos Advisory’s Managing Partner, Andrew McNeill spoke highly of the research company.
Mr 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.”
MHA Henderson Loggie corporate finance director Ian McDonald who supported RAB-Microfluidics on the deal, spoke of the new investment
Mr McDonald said: “The technology Rotimi has developed in RAB Microfluidics provides users with a distinct edge in terms of time and costs in ongoing asset maintenance and goes quite some way in making a number of critical processes much more efficient.
“We have worked with Rotimi and RAB for some time now and are thoroughly delighted to help secure this investment from a powerful and fully engaged investor group.
“Everyone at MHA Henderson Loggie would like to wish Rotimi and his team all the very best in the next chapter and look forward to working with them closely in the years to come.”
