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PST, instruments and analyzers for precision measurements

Process Sensing Technologies (PST) provides a comprehensive suite of instruments and analyzers for precision measurements that help companies reduce process disruptions and optimize production efficiency.


PST—a platform constructed under Battery’s ownership comprising seven global businesses—sells its sensors and other technologies into industries including pharmaceuticals, life sciences, specialty gases, petrochemicals, food-and-beverage, semiconductors and building automation. The company’s products measure moisture, oxygen and pressure, among other things, and help improve customers’ profitability while helping them stay compliant with often-stringent industry regulations.

Battery’s involvement with PST began when Battery acquired Cambridge, U.K. company Michell Instruments in 2016. Michell provides moisture- and humidity-measurement solutions through a range of transmitters, instruments and other systems capable of measuring dewpoint, humidity and oxygen.

Battery’s investment in Michell, and the subsequent companies that together form PST, were the result of multiple core aspects of the firm’s investment strategy, including market-driven sourcing and partnering with a proven platform CEO. Battery invested in Michell after investment-team members conducted a dedicated research project on the market.

Battery’s Impact:

  • Impressed by Battery’s knowledge of the market and perspective on M&A, the management team of Michell partnered with Battery to pursue a proprietary transaction.
  • In tandem with the initial acquisition, Battery installed Adam Markin, previously CEO of Industrial Safety Technologies, a previous Battery portfolio company, as platform CEO.
  • Following the introduction of Markin to PST, Battery sourced and executed six additional proprietary acquisitions across multiple geographies (U.S., Canada, Switzerland, England, Ireland and Scotland) to create a global platform. Current brands operating under the PST umbrella include Analytical Industries, Dynament, LDetek, Michell Instruments, NTRON, Rotronic and SST Sensing Ltd.
  • From 2016 to 2020, PST’s overall revenue continued to increase through acquisition and organic growth, climbing steadily even amidst the difficult market environment of 2020.


On December 1, 2020, PST was purchased by AEA Investors, a private investment firm for a select group of industrial family offices. PST CEO Adam Markin continues to lead the business.

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The presented case study investment was made in particular economic and market conditions. There can be no assurance that Battery Venture would elect, or be able, to exploit similar opportunities in a similar manner under similar or different economic and market conditions. More generally, there can be no assurances that the Battery vehicles will have comparable investment opportunities in the future. No assumptions should be made that any investments identified above were or will be profitable. It should not be assumed that recommendations made in the future will be profitable or comparable to the portfolio company described in this case study. For a full list of all Battery Ventures investments, please click here.

Focus area
Industrial Tech + Life Science Tools
Majority stake sold to AEA Investors in 2020; Active
Ely, Cambridgeshire, United Kingdom
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