Clarke Closes USD10 Million Venture Round Led by Saudi Aramco Energy Ventures and Joined by Chevron
(3 months ago)
North Kingstown, R.I., United States : Clarke Industrial Engineering ("Clarke") completed the sale of USD10 million of Series B Preferred Stock to a group of investors led by Saudi Aramco Energy Ventures ("SAEV").
Chevron Technology Ventures ("CTV") participated in the round. Daniel Carter of SAEV US, stated, "Clarke's unique Shutter Valve design provides a step change in control valve technology. We see wide ranging applications for this new type of valve in the Oil and Gas industry and beyond."
President & CEO of Clarke, Kyle Daniels stated, "Saudi Aramco and Chevron, as two of the world's largest companies who regularly purchase large quantities of control valves, have significant expertise in industrial valve technology. We are very honored that they recognize the value of our proprietary Shutter Valve design and have chosen to make significant investments in Clarke."
Bill Dambrackas, Clarke's Chairman, stated, "There hasn't been much innovation in the USD84 billion worldwide industrial valve market, therefore innovation is unexpected and slow to be embraced, so it's especially rewarding for us to have these prestigious industry leaders share our vision."
Other investors in Clarke's Series B Preferred Stock round include New World Angels ("NWA") who was the lead investor in Clarke's Series A Preferred Stock round.