EIC Rose Rock Investment Accelerates New Material Discovery Pace
TULSA, Okla., May 23, 2023 (GLOBE NEWSWIRE) -- EIC Rose Rock, an early-stage VC fund focused on energy technologies, today announced its direct investment into Exum Instruments, a Denver-based scientific instrumentation company with innovative technology that significantly shortens development and discovery to provide full characterization of solid materials and chemicals in minutes. Exum’s first instrument, the Massbox™, is a mobile, desktop-sized mass spectrometer that delivers lab-quality analysis beyond the traditional laboratory.
EIC Rose Rock led a $6 million Series A financing with additional Oklahoma-based investors joining the round including Advantage Capital, 46 Ventures, Boyd Street Ventures, Alchemy Capital, and Cortado Ventures. The funds will be used to expand Exum’s manufacturing capacity in Tulsa, Oklahoma to serve growing demand for Massbox.
Massbox’s quasi-non-destructive analysis provides 35-60% lower operating costs compared to traditional methods and produces results in hours rather than days, which is common with conventional laboratory-based instruments. The technology offers significant advantages to the energy industry across the mining, oil and gas, battery and nuclear sectors as well as environmental science, food and beverage and academia. Massbox has been deployed to advanced manufacturing leaders including Elementum 3D and LIFT as well as Department of Energy national labs, Los Alamos National Lab and SLAC National Accelerator Lab. SLAC is using Massbox in cutting-edge battery research.
“We are thrilled to invest in Exum and bring their manufacturing facility and jobs to Tulsa. The Massbox is bringing PhD chemistry lab analytics into the field, offices and classrooms via lower-cost instruments with modern UIX and software. In addition to 3D printing demand, we see Massbox’s potential to enhance productivity in traditional energy businesses as well as drive innovation in batteries and other alternative energy sources,” said David Clouse, Managing Director of the EIC Rose Rock fund.
Jeff Williams, Exum’s CEO, stated, “Exum is pleased to have found an investment group like EIC Rose Rock that is as excited as we are by our technology’s industrial impacts. By democratizing access to high-sensitivity chemical data, Massbox brings mass spectrometry into industries’ decision-making processes. With EIC Rose Rock’s expertise supporting us, we anticipate addressing the entire supply chain—from upstream extraction activities to failure analysis of final products, and everything in between.”
About EIC Rose Rock
EIC Rose Rock is a unique long-term partnership between George Kaiser Family Foundation’s tech-focused development arm, multiple Fortune 500 energy leaders, and the premier venture capital fund, Energy Innovation Capital (EIC). EIC Rose Rock provides early-stage funding for visionary entrepreneurs developing energy technologies that advance energy diversification, improve sustainability and enhance the operational efficiency of existing oil and gas assets. To learn more, visit www.eicroserock.com.
About Energy Innovation Capital
Energy Innovation Capital is the premier capital provider for innovators serving the energy industry. EIC provides early and growth-stage funding for visionary entrepreneurs tackling global energy challenges with transformative, market-leading solutions. EIC's team leverages our industry expertise, networks and collaborative approach to help talented entrepreneurs push the boundaries of what's possible and build great companies. To learn more, visit www.energyinnovationcapital.com.
About Exum Instruments
Exum Instruments is a scientific instrumentation company building instruments and software ecosystems to increase the speed of materials development and discovery, offering easy access to high performance at a low cost. Exum's first instrument, The Massbox™, is the first Laser Ablation Laser Ionization Time of Flight Mass Spectrometer (LALI-TOF-MS) on the market, capable of analyzing any sample you can throw at it - precisely, rapidly, and inexpensively. For more information, please visit: www.exuminstruments.com