FloDesign Sonics Announces Series A Financing Led By Bright Capital
WILBRAHAM, Massachusetts, April 17, 2014 /PRNewswire/ --
FloDesign Sonics Inc. announced today it has closed a $10 million "Series A" financing round which was led by Bright Capital and included the Springfield, MA based Ventry Industries, LLC. Individual investors include the industry icon James Waters (founder of Waters Corp) and life science luminary Jonathan Fleming of Oxford Biosciences. FloDesign Sonics will use the proceeds to further develop their core acoustic separation technology platform and fund commercialization efforts in the bioprocessing market application.
"Our solution will enable a new thinking about pharmaceutical manufacturing," said CEO Stanley Kowalski III "In our first application we replace traditional filters and centrifuges used in therapeutic protein based drug development." Founder and CTO Dr. Bart Lipkens explained that, "the system employs a 3D acoustic force field to trap particles or droplets that are suspended in a flow. Subsequent particle aggregation and coalescence leads to separation of the particles resulting in a clarified flow."
"There are endless applications ranging from blood transfusion and management to cleaning contaminated water. To be part of a small business' formation and growth is an experience of a lifetime," said Co-founder and Executive Vice President Louis Masi. James Waters added that, "It's a huge opportunity where we've been able to demonstrate our value and gain early customer support from some key pharmaceutical and biotech companies."
Bright Capital partner Boris Ryabov expressed excitement about the near-term and long-term value generated by the FloDesign Sonics platform technology "We are delighted to be investing in FloDesign Sonics. The technology will revolutionize the way people think about filtration and separation in numerous industries."
Ventry LLC partner Steve Davis commented, "FloDesign Sonics exemplifies the transition of academic research into disruptive products. This is the blueprint for bringing back manufacturing to our region and the country."
Mr. Kowalski expressed gratitude toward his team and partners while highlighting the future goals, "We have assembled the world's finest scientists, businessmen and investors to solve major issues in the world today like lowering the cost of healthcare and cleaning the planet."
About Bright Capital
Bright Capital is an independent venture capital firm that invests globally in a wide range of promising companies. The firm works as a merchant venturing entity in a multi-corporate model, building bridges between Silicon Valley, Russia & CIS, Middle East and South East Asia. Its investments are made across multiple product types in energy and resource efficiency, clean technology and industrial biotech.
About Ventry LLC
Ventry Industries, LLC ("Ventry"), is an investment holding company formed by the Davis family after the 2003 sale of the American Saw & Manufacturing Company of East Longmeadow, Massachusetts to Newell Rubbermaid. American Saw was a New England based manufacturer of saws, blades and other cutting tools, primary under the Lenox Industrial Tools name. Ventry invests in a wide variety of assets, including both public and private securities, and is headquartered at One Monarch Place in Springfield, Massachusetts.
About FloDesign Sonics
FloDesign Sonics is changing the separations and filtration markets through a novel acoustic technology. By leveraging breakthroughs in the use of 3D acoustic standing waves, FloDesign Sonics is able to capture, separate and purify without using physical membranes, chemicals, or centrifugation. Our proprietary technology has numerous applications in a variety of markets including life sciences, oil and gas, food and beverage and industrial processing. The first commercial application is in bioprocess separations where FloDesign Sonics is applying acoustic technology to the manufacturing of life saving bio-pharmaceuticals. For more information, contact firstname.lastname@example.org
SOURCE FloDesign Sonics Inc.
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