OIL and gas technology firm, Lux Assure has secured a £2.4 million second round investment.

The company said the funding would allow it to accelerate strategic growth, internationalisation plans, and further key technology developments. These include CoMic and OMMICA, both of which aid monitoring and managing chemicals in hydrocarbons, condensates and water.

The funding was provided by Chevron Technology Ventures, ConocoPhillips Company, Statoil Technology Invest, Archangel Investors and the Scottish Investment Bank, the investment arm of Scottish Enterprise.

Laurence Ormerod, chairman at LUX Assure, commented: “Securing this investment demonstrates confidence in our ability to develop and deliver innovative technologies to the oil and gas industry, and will allow us to increase our offering not only in the UK, but globally. We are delighted that the potential of our range of products and services has been recognised once again within the industry.”