US-based chemical analysis device developer 908 Devices completed a $20m funding round yesterday that featured oil and gas companies Schlumberger and Saudi Aramco.
Family office Tao Capital Partners led the round, which included Cormorant Asset Management, Arch Venture Partners, Razor’s Edge Ventures and Casdin Capital. Saudi Aramco invested through its corporate venturing unit, Saudi Aramco Energy Ventures (SAEV).
908 has developed a range of chemical and biomolecule analysis devices that are used across industries including life sciences, safety and security, and oil and gas, where Saudi Aramco and Schlumberger are helping to field test mass spectrometry devices.
The round increased the company’s total funding to approximately $47.6m since it was founded in 2012, SAEV having led an $11.6m series C round in mid-2015 that included Schlumberger, Arch Venture Partners, Razor’s Edge and University of Tokyo Edge Capital (UTEC).
Schlumberger, Razor’s Edge, Arch Venture Partners and UTEC had previously supplied $7m in series B funding in 2013. 908’s earlier backers include In-Q-Tel, which invests on behalf of the US intelligence community.
Kevin J. Knopp, president and chief executive of 908 Devices, said: “We are delivering unprecedented analytical capabilities through our HPMS (high-pressure mass spectrometry) platform and smart separations devices.
“Looking ahead, success means two things: supporting the demand associated with our current product lines and pushing the pace of innovation. With this added support, we will build on the rapid adoption our products have seen to-date and forge ahead into uncharted territories.
– Image courtesy of 908 Devices