UK-based oil and gas technology firm, LUX Assure, has secured a $3.2mn second round investment from a group of international oil companies and financial institutions.
The funding was provided by Chevron Technology Ventures, a ConocoPhillips company, Statoil Technology Invest, Archangel Investors and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
The company said it would utilise the money to grow the business, expand globally, and develop new technologies.
The investment would also enable further development of LUX Assure’s flagship technologies CoMic and OMMICA for monitoring and managing chemicals in hydrocarbons, condensates and water.
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 recognised once again within the industry.”
Mr 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 commercialisation 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.”
LUX Assure was originally established as a technology house, conducting research and development for a variety of industries before going on to specialise 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 £3.25mn 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 optimisation solution which will have CoMic as the central technology platform.
