LUX Assure Raises £3.25M in Financing
LUX Assure, an Edinburgh, UK-based provider of technologies for the oil and gas sector, raised £3.25m in financing.
Backers included Statoil Technology Invest AS, ConocoPhillips, and Archangel Informal Investment. Scottish Enterprise supported the investment through the Scottish Venture Fund, operated by SIB.
Laurence Ormerod, Chairman, the company intends to use the funding to transform the business from a technology development business to a service provider for the oil and gas industry.
Following the investment, LUX Assure will offer two flagship products, including:
CoMic™, which is used to deliver improved corrosion management;
OMMICA™, which offers a method to monitor hydrate inhibitors.