908 Devices has received $7M in Series B funding, which included new investment from Schlumberger and follow-on investments from ARCH Venture Partners, Razor’s Edge Ventures and University of Tokyo Edge Capital (UTEC).
Boston, MA -- (ReleaseWire) -- 09/11/2013 --908 Devices, an innovator in point-of-need chemical analysis, today announced that it received $7M in Series B funding, which included new investment from Schlumberger and follow-on investments from ARCH Venture Partners, Razor’s Edge Ventures and University of Tokyo Edge Capital (UTEC). In addition, 908 Devices and Schlumberger 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 expects this multi-year agreement to bring both development and product revenues to the company.
“These latest investments are a strong validation that High Pressure Mass Spec (HPMS™) is a true platform with transformative impact across chemical analysis,” said Dr. Kevin J. Knopp, CEO and co-founder of 908 Devices. “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.”
The financing round will be used to expand the R&D team and to accelerate and commercialize 908 Devices’ initial safety and security products following enthusiastic feedback from key government groups and third party testing. With High Pressure Mass Spectrometry (HPMS™), 908 Devices is producing simple and purpose-built, battery-powered tools untethered from permanent facilities or mobile laboratories. Truly handheld, weighing only a few pounds and extremely rugged, these analyzers are far beyond the complex ‘luggable’ systems available today. These systems give non-specialist field personnel analysis with extreme sensitivity – to the part-per-billion level – while simultaneously distinguishing hundreds of different chemicals.
To find out more about 908 Devices and the development of miniaturized mass spectrometry tools please visit www.908devices.com or email firstname.lastname@example.org.
About 908 Devices
908 Devices is bringing the powerful capabilities of Mass Spectrometry out of the confines of centralized laboratories. 908 Devices’ products range from rugged, handheld chemical detection tools to compact, dedicated analyzers for researchers, serving a range of industries including safety and security, life science research, biotechnology, food safety and clinical diagnostics. Founded in 2012 by a proven team of industry and technology veterans, 908 Devices is based in Boston’s Innovation District.
For more information or to schedule an interview, please contact Chris Petty at (608) 358-6357 or email Chris at email@example.com.
Schlumberger is the world’s leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 120,000 people representing over 140 nationalities and working in more than 85 countries, Schlumberger provides the industry’s widest range of products and services from exploration through production. Schlumberger Limited has principal offices in Paris, Houston and The Hague, and reported revenues from continuing operations of $41.73 billion in 2012. For more information, visit www.slb.com.