RAB-Microfluidics secures £1.24m investment round led by Eos Advisory
- RAB-Microfluidics is a Scottish R&D company developing cutting edge microfluidic technology that solves oil analysis problems – Investment round includes London-based Newable Ventures, Scottish Enterprise and existing investors
- RAB-Microfluidics has UK and global customer base in maritime, renewable wind, other power generation, aerospace and defence, processing and manufacturing, oil and gas, and transport industries
- Founder and CEO Rotimi Alabi said: “We are revolutionising oil test ing and analysis services by making conventional laboratory procedures mobile, rapid and routine”
- RAB-Microfluidic’s “laboratory on a chip” technology delivers oil analysis more than one thousand times faster and around ten times cheaper than current system based on sending oil samples to laboratories
- Eos Advisory’s Andrew McNeill said: “RAB-Microfluidics is one of the most exciting early stage Scottish technology companies in the en ergy 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”
Aberdeen, 5 January 2021 – RAB-Microfluidics, a Scottish R&D company de veloping cutting-edge microfluidic technology that solves oil analysis problems, has secured a £1.24 million investment round led by Eos Advisory. The invest ment round, which also includes London-based Newable Ventures, Scottish Enterprise and existing investors, will help RAB-Microfluidics strengthen its team and further develop its product roadmap as the company enters its next phase of growth.
The company, a startup out of the University of Aberdeen building on over 10 years of research and selected for the TechX Pioneers accelerator programme run by OGTC in Aberdeen 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 labora tories. 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 de fence, processing and manufacturing, oil and gas, and transport indus tries. Founder and CEO Rotimi Alabi said:
“RAB Microfluidics has identified that businesses who own and operate lubricated heavy machinery have a sig nificant 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 rou tine. 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 send ing oil samples to laboratories.”
Eos Advisory’s Managing Partner, Andrew McNeill, said:
“RAB-Microfluidics is one of the most exciting early stage Scottish technology companies in the en ergy 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, said:
“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 cut ting-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.”
Scottish accountancy firm MHA Henderson Loggie provided corporate finance support to RAB-Microfluidics on the deal.
About Eos Advisory
Founded in 2014, Eos has a portfolio of 13 investee companies including Cu mulus Oncology, ILC Therapeutics, 3FBio and Xelect, investing in four key im pact areas: disease prevention and treatment; energy security, climate change and pollution; food and water security, and; sustainability of industrial pro cesses and infrastructure. Eos sees specific opportunities with strategic invest ments in novel oncology technologies and treatments and CleanTech solutions, but says it “will remain active on a deal-by-deal basis in all four of the wider im pact areas”.
About Scottish Enterprise
Scottish Enterprise is Scotland’s national economic development agency. Scot tish Enterprise is committed to growing the Scottish economy for the benefit of all, helping create more quality jobs and a brighter future for every region.