WaveLIFT Ltd has raised funding of more than £1 million to further develop its artificial lift pump technology for the oil and gas sector.

The funding was led by Scottish business angel investment syndicate Archangels, with co-investment from Scottish Enterprise and a private investor.

Based in Stirling, Scotland, WaveLIFT was launched in 2016 to develop conceptual down-hole pump designs for artificial lift in the oil and gas industry. The WaveLIFT is a positive displacement pump that uses a sinusoidal WaveDRIVE system to provide a smooth repetitive oscillation for fluid transfer, even at low frequency.

WaveLIFT is headed up by chief executive Steve Bruce, formerly of Darcy and Schlumberger, and by Simon Munro, formerly of Business Growth Fund (BGF) and equity firm Lime Rock Partners.

“The need for exploiting the world’s remaining oil reserves has never been greater. With increased exploration costs and reduced profit margins forcing operators to maximise returns from existing portfolios, we are well positioned to take advantage of this opportunity through our innovative artificial lift products,” said Bruce. “This is an exciting time for WaveLIFT and we are thrilled that our investors are supporting the next stage of our business. Having the funding support of Archangels, the Scottish Investment Bank and private investment will allow us to continue to grow and commercialise our business.”

Niki McKenzie, investment director at Archangels, added: “Archangels’ investors were keen to lead this funding for WaveLIFT who now require support to meet the growing demand for artificial lift products in the oil & gas sector. Their product is innovative and unique and it has gained positive feedback from some major players in sector.”