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Rand raises stake in Massachusetts company

Rand Capital Corp. has invested another $250,000 in SciAps, a Massachusetts-based company that makes instruments that can identify and analyze compounds and minerals.

The investment adds to Rand’s 11 percent ownership stake in SciAps and was part of a round of fundraising that raised $4.3 million for the company. SciAps plans to use the funds to expand its sales and marketing efforts and speed up the development of its product line.

Rand has invested more than $2.25 million in SciAps since July 2013. The investment accounts for more than 6 percent of Rand’s $32.7 million in net assets.