Aberdeen-based oil and gas technology firm LUX Assure has secured a £2.4 million second round investment, which will allow the company to accelerate strategic growth, internationalization plans, and further key technology developments.
The funding was provided by Chevron Technology Ventures, ConocoPhillips Co., Statoil Technology Invest, Archangel Investors and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
This Investment enables further development of LUX Assure’s flagship technologies CoMic and OMMICA, used for monitoring and managing chemicals in hydrocarbons, condensates and water. Lux Assure says these solutions offer significant time and cost savings to operators, whilst also contributing to enhanced production efficiency.
Laurence Ormerod, chairman at LUX Assure, commented: “Securing this investment demonstrates confidence in our ability to develop and deliver innovative technologies to the oil and gas industry, and will allow us to increase our offering not only in the UK, but globally. We are delighted that the potential of our range of products and services has been recognized once again within the industry.”
LUX Assure was originally established as a technology house, conducting research and development for a variety of industries before going on to specialize in oil and gas. In 2010, £400,000 of funding from Archangels and the Scottish Investment Bank’s Co-Investment Fund was secured, which allowed LUX Assure to begin field trials for a number of its technologies.
In 2013, the company raised a further £3.25 million investment which was used to transform LUX Assure from a research and development company into an oil and gas service provider.
This latest round of funding will further secure a pipeline of new technology and exciting product developments, such as the planned introduction of an integrated corrosion management and chemical optimization solution which will have CoMic as the central technology platform.
Ormerod continued: “We continually strive to broaden our product offering and research and development remains a key focus for LUX Assure as we aim to achieve this. The commercialization of our R&D activity, however, is also a critical aspect of our business plan. This injection of funding is strategically important to LUX Assure and enables us to continue with our innovative technology development, international growth and expansion plans.”
David Ovens, CEO at Archangels, said: “Archangels is delighted to be able to continue to support LUX Assure with its technology development and growth strategy. The quality of the current investor group in LUX is testament to the strength of the company’s management and its innovative product offering."
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