908 Devices Receives $11.6 Million in Series C Funding to Accelerate Growth in New Markets
By Business Wire News
908 Devices, a pioneer of purpose-built analytical devices for chemical analysis, today announced it has closed $11.6 Million in Series C funding bringing its funding total to $27.6 Million. Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabia’s National Oil Company, Saudi Aramco, led the round. Prior investors ARCH Venture Partners, Razor’s Edge Ventures, University of Tokyo Edge Capital (UTEC) and Schlumberger also participated and are joined in the round by a number of new executive-level individual investors that will advise on future market expansion.
This new infusion of capital will be used to expand commercial channels and develop additional High-Pressure Mass SpectrometryTM (HPMS) products beyond M908TM in the safety and security market while accelerating expansion into oil and gas, environmental and life science markets. This partnership with SAEV is the second major oil and gas collaboration for 908 Devices. The Company has been working with Schlumberger, the world leader in oil and gas services since 2013 to apply high-pressure mass spectrometry to a number of applications within this market.
“Our engineering and investment teams immediately recognized the unique analytical capabilities that 908 Devices’ HPMS technology can bring throughout the workflow of our petroleum and petrochemical operations,” said Cory Steffek, Managing Director of SAEV (USA). “We view this technology as key to bringing analysis to the point of need within the energy sector.”
Saudi Aramco, which operates in the upstream, midstream and downstream markets and spans exploration, production, refining, petrochemicals, distribution and marketing, will be a partner and leading product adopter as 908 Devices launches solutions for the oil and gas markets. To that end, 908 Devices and SAEV have also signed a commercial services agreement to deploy HPMS technology for applications in the oil and gas industry.
“The progress we’ve made inspires all of us at 908 Devices,” said Dr. Kevin J. Knopp, President and CEO of 908 Devices. “We spent our early years developing M908, an HPMS product, that is fielded by safety and security customers around the globe. Over the last year we’ve worked in parallel on developing HPMS technology for additional markets. This round of funding will enable us to truly accelerate these new opportunities, and we look forward to unveiling these new HPMS devices in the near future.”
“908 Devices’ powerful HPMS platform, track record of execution and market savvy has enabled 908 Devices to uncover and address a series of large unmet market needs. The Saudi Aramco partnership and investment is another marquee endorsement, from one of the most sophisticated participants in the oil and gas industry, demonstrating the major advantages of HPMS in high growth applications within the segment,” said Keith Crandell, co-founder and a Managing Director of ARCH Venture Partners.
About Saudi Aramco Energy Ventures
SAEV is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America and Europe, SAEV’s mission is to invest globally in start-ups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco. For more information about SAEV, visit http://www.aramcoventures.com.
About 908 Devices
908 Devices, an innovator in point-of-need chemical analysis, offers products from rugged, handheld chemical detection tools to compact, tiny footprint analyzers for researchers, serving a range of industries including safety and security, energy, petrochemical, and life sciences. 908 Devices is headquartered in the heart of Boston where they research, design and manufacture innovative products based on High-Pressure Mass SpectrometryTM (HPMS).