US-based industrial valve manufacturer Clarke Industrial Engineering has closed a $10m series B round co-led by subsidiaries of oil and gas suppliers Saudi Aramco and Chevron.
Saudi Aramco Energy Ventures (SAEV) and Chevron Technology Ventures invested alongside angel syndicate New World Angels. The funding follows a $3.1m series A round led by New World Angels that Clarke raised between 2015 and October 2017.
Founded in 2011, Clarke produces industrial valves, the mechanical devices used to control flow quality and pressure as fluids pass through conduits such as pipelines.
Clarke’s aerospace-inspired version of the technology, the Shutter Valve, is intended to offer more precise flow control and reduced turbulence, compared to conventional models.
Daniel Carter investment director at SAEV US, said: “Clarke’s unique Shutter Valve design provides a step change in control valve technology. We see wide ranging applications for this new type of valve in the oil and gas industry and beyond.”