908 Devices, a US-based maker of handheld, mass spectrometry tools, has received $7m in series B funding from investors including new participant, oilfield services and technology company Schlumberger, as well as from existing investors, venture capital firms ARCH Venture Partners and Razor’s Edge Ventures, and also University of Tokyo Edge Capital (UTEC), a seed/early stage technology focused venture capital firm associated with The University of Tokyo, in Japan.
Previously, 908 Devices raised $8.1m series A funding in September 2012.
The B financing round will be used to expand the R&D team and to accelerate and commercialize 908 Devices’ initial safety and security products
In addition to the investment, 908 Devices and Schlumberger have signed a technical collaboration and development agreement to apply 908 Devices’ technology to a number of applications in the oil and gas industry.
908 Devices already has a development alliance with In-Q-Tel, the strategic investment firm focused on technology that supports US government intelligence missions.
Dr. Kevin J. Knopp, chief executive officer and co-founder of 908 Devices, said: “Many of the new capabilities produced under our development agreement will also benefit our core safety and security customers and at the same time it opens an exciting new market for us. We could not ask for a better collaborator than Schlumberger, the world leader in oil and gas services, whose capabilities and technical know-how are unparalleled.”
908 Devices was founded in 2012; the company states that it is building on over $17.5m of government funded development at Oak Ridge National Laboratory and the University of North Carolina.