UK-based corrosion prevention company Lux Assure has raised £3.25m ($5m) from a corporate venturing-led consortium to “transform the business from a technology development business to a service provider for the oil and gas industry”.

US-based oil major ConocoPhillips, Norway-based peer Statoil’s Technology Invest unit, angel network Archangel Informal Investment, and the Scottish Investment Bank (SIB), a division of state-owned Scottish Enterprise provided the £3.25m.

Since 2010, Archangels and SIB have invested £800,000m in Lux, a division of Lux Innovate, and…

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