UK-based flow control equipment specialist Oxford Flow has raised £8.45m ($10.6m) in funding to fuel its expansion in oil and gas product development and other markets.
The financing was provided by eight parties.
Existing investors Oxford Sciences Innovation (OSI), Parkwalk, Oxford Investment Consultants, and the University of Oxford contributed £5.6m ($7.04m) of the total funding.
The remaining funding has been secured from GF Piping Systems, a division of Georg Fischer, individual investor Nick Harbinson, and firms associated with Singapore-based investment group GK Goh.
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Oxford Flow CEO Neil Poxon said: “To have secured strategic capital at this point in our evolution is a testament to our products and our people.
“This investment will accelerate our oil and gas new product development and ultimately allow us to rapidly scale up that side of the business across Europe, USA and the Middle East.
“Our axial flow, stemless and multi-phase isolation valve for oil and gas applications is about to commence end-user field trials and we can only see that accelerating as operators look for more cost-effective, emission-free retrofit options in the current market.”
The flow control equipment specialist intends to use the funds to scale up its utility and industrial manufacturing. A portion of the funds will also be used to increase headcount in Oxford, UK and Houston, US.
Parkwalk investment director Alun Williams added: “Oxford Flow is beginning to revolutionise the valve industry through its ground-breaking technology and exciting commercial strategy.
“It is precisely the type of transformative company Parkwalk is seeking to support so we are delighted to be part of this latest funding round.”
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June 04, 2020 at 08:29PM
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Oxford Flow secures funding for oil and gas product development - Hydrocarbons Technology
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