Lux Assure to move into service provision with £3.25m funding

LUX Assure has received £3.25m to transform the company from a technology development business to a service provider for the oil and gas industry.

The investment comes from ConocoPhillips; Statoil Technology Invest AS; Archangel Informal Investment (Archangels); and the Scottish Investment Bank (SIB).

LUX Assure’s CoMic and OMMICA products will form the core of the company post investment. CoMic is used to deliver improved corrosion management through the optimisation of chemicals used for corrosion protection. OMMICA is said to offer a method to monitor hydrate inhibitors.

Since 2010 Archangels, Scotland’s largest provider of business angel funding has, along with SIB invested £0.8m in LUX Assure, after identifying promise in the company’s plan to focus on the oil and gas industry.