Entrepreneurial World Cup winner Rotimi Alabi is scaling up manufacturing of a disruptive new oil analysis device after his Aberdeen firm received £2.2 million in equity funding.
The cash injection – led by Par Equity – is expected to trigger the creation of eight new jobs, including engineers, scientists and sales professionals.
Mr Alabi is chief executive of Aberdeen University spin-out RAB-Microfluidics.
In 2017 the PhD graduate was crowned overall champion at the University Startup World Cup in Copenhagen.
Hi-tech champion
As well as beating 70 other entrants to the big prize, he came out on top in the hi-tech category.
Additional roles at his firm are now being created through the new equity funding, supported by existing investors Eos Advisory, Newable Ventures and Scottish Enterprise.
The cash injection follows hot on the heels of financial backing worth £1.25m from investment partners in January 2021.
Mr Alabi said the company was winning new business and aimed to hit £2m turnover by 2024.
The firm has developed and patented “lab on a chip” technology after identifying a gap in the market to “radically improve” oil lubrication analysis.
Its new device diagnoses early signs of failure preventing costly machinery breakdowns in equipment such as main engines, gearboxes and generators.
The technology will be formally launched later this year.
It is said to allow for real-time analysis at sea up to 1,000 times quicker and significantly cheaper than static land-based systems.
The device can also be used on a variety of vessels, including ferries, cruise ships, superyachts and tankers.
Company moving to larger premises
To drive growth RAB-Microfluidics is moving to bigger premises at the Energy Development Centre at Aberdeen Energy Park.
Mr Alabi said: “This is a huge moment for RAB-Microfluidics as we look to launch the technology and we must sincerely thank our investors for backing us and believing in our vision.
“The technology fills a big gap in the engine condition monitoring market.
“We’ll use the funding to catapult the business forward commercially with a stronger corporate, sales and marketing operation.
“We are actively looking to speak with ship owners worldwide.”
“To raise awareness, we’ll be showcasing the technology at trade fairs globally – starting at SMM in Hamburg (Germany) in September.”
RAB-Microfluidics commercialisation director Jamie Grant hailed the technology’s ability to maximise vessel reliability and availability as a major benefit.
Mr Grant said: “It is brilliant to receive this equity funding after proving the… potential on pilot projects working with the likes of NorthLink Ferries.
“We know a major pain point in shipping is equipment failure, which is costly in terms of downtime and repairs.”
RAB-Microfluidics is also targeting manufacturers, wind farms, mining, gas turbines, gearboxes, generators, compressors and pumps.
‘Game changing’
Par Equity senior investment manager Tom Croy said: “RAB-Microfluidics has developed a game changing and difficult-to-replicate technology in oil condition monitoring which is at the point of accelerating customer traction.
“We look forward to the journey ahead and helping RAB Microfluidics make an impact on Industry 4.0, across the global maritime industry before moving into new sectors.”
RAB-Microfluidics has had funding from other sources, including the Clean Maritime Demonstration Competition run by Innovate UK for the Department for Transport.
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