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.