Oil and gas companies Schlumberger and Saudi Aramco have taken part in a $17.5m series E round for US-based chemical analysis system developer 908 Devices.
Venture capital firm Northpond Ventures led the round, investing alongside Sans Capital Ventures, Arch Venture Partners, Razor’s Edge Ventures, Casdin Capital and Tao Capital Partners, while Saudi Aramco participated through corporate venturing arm Saudi Aramco Energy Ventures (SAEV).
Founded in 2012, 908 has developed chemical analysis devices that are used across the life sciences, safety and security, and oil and gas industries.
The company’s products include ZipChip, a separation device used to measure the characteristics of individual molecules, and MX908, a handheld chemical detection device used by first responders and military organisations.
Kevin Knopp, 908’s co-founder and chief executive, said: “This new infusion of capital will be used to deepen application support and broaden the capabilities of our MX908 and ZipChip product lines. It will also accelerate the development of additional tools – including a radical new life science device we are geared up to launch later this year.”
The round increased 908’s overall funding to $70m, it said. Tao Capital led a $20m funding round for the company in 2017, investing alongside Schlumberger, SAEV, Cormorant Asset Management, Arch Venture Partners, Razor’s Edge Ventures and Casdin Capital.
SAEV previously led an $11.6m series C round for 908 in 2015 that included Schlumberger, Arch Venture Partners, Razor’s Edge and University of Tokyo Edge Capital (UTEC).
The latter four investors also backed 908’s $7m series B round in 2013. Arch Venture Partners had already led the company’s $8.1m series A round earlier in the year, taking part alongside Razor’s Edge Ventures and UTEC. In-Q-Tel is also an investor in the company.