Flexlife, an Aberdeen, UK-based energy service business, has raised £5.5m in equity financing.
The investment was led by Maven Capital Partners, with participation from energy sector fund, Simmons Parallel Energy.
The new funding package will help Flexlife maximise revenues from existing customers, develop into new markets and expand the business to take advantage of global opportunities for its products.
Founded in 2007 by Stuart Mitchell and John Marsden, the company provides subsea project management and integrity management solutions to the oil and gas sector. It has developed a patented non-invasive method of ultrasonic scanning for flexible pipes, known as “risers”, which are designed to connect to the subsea infrastructure, helping to identify flooding and damage at an early stage.
Customers include Total, Shell, Apache and Maersk.