Oxford University Isis Fund I and other existing investors participate in the round.
Salunda, an engineering spin-out of Oxford University, has raised £1m ($1.6m) in a funding round which included Oxford University Isis Fund I, managed by Parkwalk Advisors, and other undisclosed, existing, investors.
Salunda is exploiting sensor technology that monitors the condition of rig equipment such as pumps. The technology, protected by 23 patents, can also analyse fluids such as drilling waste. It works by measuring the distinct electromagnetic traits of materials.
The company is expecting shipments of its first products to begin mid-2015. Its fluid monitoring products meanwhile is expected to ship during 2016.
Long-term, the investors are hoping for an exit route via trade sale at some point following 2017 once full marketing efforts in place.
