Rive Technology said it closed US $20 million in fourth financing round, led by Saudi Aramco Energy Ventures and Misui Global Investment. The latest equity raised the company's capital to US $67 million, a company statement said.
The round is also joined by existing investors Charles River Ventures, Nth Power, Advanced Technology Ventures and The Blackstone Group.
The company will be using the funds to advance Rive's Molecular Highway technology, an innovative materials science platform to improve refining processes in the oil sector. It will also utilize the additional funding to enhance research & development and technology, as well as expand its sales team and increase its global footprint.
David C. Aldous, Rive Technology's Chief Executive Officer, said that interests of Saudi and Mitsui are not purely limited to finances alone as they are "also great strategic business development partners."
"This round of funding helps us accelerate our global commercial expansion to better provide refining customers access to our innovative value enhancing technologies," he said.
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