UK-based technology business LUX Assure has received £3.25m to transform itself from a technology development business into a service provider for the oil and gas industry.
The latest investment is provided by Statoil Technology Invest, ConocoPhillips, Archangel Informal Investment, and the Scottish Investment Bank, a division of Scottish Enterprise.
Upon transforming the business, the products CoMic and OMMICA will form the core of the company in providing services to the industry.
LUX Assure’s CoMic is used to deliver improved corrosion management by enabling maximum utilization of chemicals used for corrosion protection. OMMICA is a simple method used to monitor hydrate inhibitors.
LUX Assure chairman Laurence Ormerod said the investment will help the company gain on the excellent chemical monitoring products developed by the company.
"CoMic™ and OMMICA™ products have been very well received by the industry so this seems to be an appropriate time to dedicate the company to growing sales, both within the UK and overseas," Ormerod added.
"We are delighted to have ConocoPhillips and Statoil as new shareholders."
Every year, corrosion management costs millions of dollars to the oil companies.