ANN ARBOR – Sensicore, which develops a lab-on-a-chip for water testing, has landed another $12 million from a group of venture capitalists lead by Ardesta. Sensicore was Ardesta’s first start up in 2001.
The investment was a Series C round. Besides Ardesta, the investment syndicate includes Firelake Capital (Palo Alto, CA); NGEN Partners, LLC (Santa Barbara, CA); Technology Partners, LLC (Palo Alto, CA); and Topspin Partners (Roslyn Heights, NY).
Sensicore will use the investment proceeds to support working capital needs associated with its rapid growth plans, for market and product expansion, and for automated manufacturing equipment.
“We are very pleased with the overwhelming support from our investors,” said Sensicore CEO Malcolm Kahn. “In addition to their financial support, the Company has significantly benefited from their help with strategic direction and networking activities. We look forward to building a significant water quality testing and information services business with the help of this world class group of entrepreneurs and investors.”
Sensicore closed on a $6.5 million round in July 2003 which was lead by Technology Partners; and another round of $4.5 million in September 2003 lead by NGEN.
“The investors continue to be very excited about the Sensicore opportunity,” said Ira Ehrenpreis, General Partner at Technology Partners. “The Company’s disruptive technology is effectively addressing the burgeoning water market by providing water quality data that can be translated into timely, actionable information.”
Sensicore’s core technology uses a disposable silicon-based chip the size of a small button to chemically profile the purity and surety of water in less than 4 minutes. Combined with a smart handheld system, the chip provides 14 critical water quality measurements that help users understand the health of their water and their water infrastructure.
Sensicore has also developed an Internet-based information and monitoring service that helps municipal and industrial customers both visualize and manage their test data and information. This new service, called WaterNOW will be introduced in the fourth quarter and is expected to save customers money, while providing real-time monitoring of water quality and infrastructure operations.
For more information, click on Sensicore.Com