Oxford Flow, the pressure control equipment specialist for water and gas distribution, oil and gas and industrial process applications, has raised £6.1 million in a funding round to support the company’s rapid growth, product optimisation and customer base expansion.
The funding – secured from five new investors and two existing partners – was led by London-based fund management firm, Parkwalk, which invested £2.5 million.
The remaining £3.6 million was raised by six other investment groups. This includes funding from the world of academia – with Oxford University and Oxford Sciences Innovation (OSI), who already held stakes in Oxford Flow, and the Institute of Mechanical Engineering (ImechE) all contributing. RT Capital Management, UK fund services group Thompson Taraz, and individual investor Simon Henry, former chief financial officer at Shell, make up the rest of the investment.
Neil Poxon, Oxford Flow CEO, says: “To have achieved so much interest from such a varied array of investors – both new and existing – reflects the confidence stakeholders have in the innovative new products, progress made so far and our plans to expand into new sectors and regions.”
“This funding will provide a runway for the next two to three years as we grow our business in North America, Central America and the Middle East, driving product development and market readiness for our valves, while we expand our offering.”
Oxford Flow manufactures and designs innovative pressure regulating valves and provides solutions which are more accurate, precise, reduce costs and increase reliability in many global industries.
Poxon adds: “This funding allows us to expand into new sectors in three stages. Initially, we will push further into water and gas distribution – where we already have significant traction – then branch out more widely across upstream, midstream and downstream oil and gas. After that, we plan to expand into the wider industrial process sectors – which include a huge range of applications for our technology – such as chemicals, power generation, food & drink, marine and construction.”
Alastair Kilgour, Chief Investment Officer at Parkwalk says: “We are delighted to add our backing to Oxford Flow as it extends its presence globally. There is almost limitless scope for Oxford Flow’s technology in terms of the sectors it can reach, and we are excited to support them through their next stage of growth.”
Read the article online at: https://www.oilfieldtechnology.com/special-reports/04042018/oxford-flow-raises-over-6-million-to-fuel-global-growth-and-sector-expansion/