Scottish maritime technology company RAB-Microfluidics has received £2.2 million in new equity funding, led by Par Equity, to scale up manufacturing of its marine oil analysis system.
RAB-Microfluidics has developed what it describes as a microfluidic ‘lab on a chip’ that can be used to diagnose early signs of failure and prevent machinery break downs in equipment such as main engines, gearboxes, and generators. The new funding is the second equity cash injection the firm has received from its partners after it secured £1.25 million in January 2021.
The company’s device will be formally launched later this year, enabling real-time analysis at sea rather than requiring the use of a land-based laboratory. The technology can be deployed on a variety of vessels including ferries, cruise ships, tankers and other commercial vessels.
“This is a huge moment for RAB-Microfluidics as we look to launch the technology and we must sincerely thank our investors for backing us and believing in our vision,” said CEO Dr Rotimi Alabi.
“The technology fills a big gap in the engine condition monitoring market. We’ll use the funding to catapult the business forward commercially with a stronger corporate, sales and marketing operation.”
RAB-Microfluidics has already worked on proving the technology’s potential by engaging in pilot projects, working with the likes of NorthLink Ferries, as it targets a £2 million turnover figure by 2024.
