ConocoPhilips, Statoil Technology Invest AS, Archangel Informal Investment and the Scottish Investment Bank (SIB) are coming together to back LUX Assure.

The chemical monitoring technologies company produces goods for both offshore and onshore oil and gas use. It was founded in 2001 and has its CoMic and OMMICA products at the core of its offerings.

CoMic is used to improve corrosion management while OMMICA offers a way to monitor hydrate inhibitors.

Since 2010, Archangel Informal Investments (Archangels) has, along with SIB, injected £800,000 into LUX Assure. The £3.35 million of new capital will go towards the commercialisation efforts of its CoMic and OMMICA products.

It is hoped that LUX Assure can develop from a technology development business into a service provider for the oil and gas industry.

Laurence Ormerod, chairman of LUX Assure, comments, ‘CoMic and OMMICA products have been very well received by the industry so this seems to be an appropriate time to dedicate the company to growing sales, both within the UK and overseas.’

The deal represents evidence that business angel groups can successfully co-invest with venture capitalist firms says Andy Laing, investment executive at Archangels.

He adds, ‘This level of investment, coupled with the skills and experience across the shareholder base, substantially increases the likelihood of commercial success for LUX and strong financial returns for investors.’