Company continues to expand as a major supplier of encoded photometric infrared spectroscopy technologies to selected food markets and beyond
Aspectrics, a supplier of encoded photometric infrared spectroscopy (EP-IR) analysers, has announced the completion of a multi-million dollar Series B round of financing.
Cargill Ventures led the round with additional significant funding from Aspectrics' current venture capital investor, Palo Alto Venture Partners.
In early 2006 Aspectrics transitioned from a development stage company to a commercial supplier of process analyzers to key OEMs and systems integrators.
Applications under development by current OEMs and system integrators in Europe and the Americas include ambient air and stack gas monitoring, hydrocarbon processing, engine emission analysis, foods and semiconductor processes.
The capital raised will be used to support the commercialization of existing products as well as accelerate key product developments.
Additionally, it will enable Aspectrics to expand its support infrastructure to its major customers in the food, water and hydrocarbon processing industries.
"We are pleased that Cargill Ventures chose to invest in this latest round of financing," said Paul Salsgiver, Aspectrics' president and CEO.
"This is a clear validation of our technology and the progress we have made toward providing solutions to them as a global leader in food production and a large user of IR technology".
Cargill Ventures is the venture capital arm of Cargill, Incorporated, a privately held company with operations in 61 countries and revenues of over $70 billion.
Cargill Ventures invests in high-growth technology-based companies that enable innovation, and efficiencies in industries relevant to Cargill.
Since 1996, Palo Alto Venture Partners, with over $150 million under management, has provided investment capital to selected, entrepreneurial high-technology companies such as Aspectrics.
Founded in 2000 and based in Pleasanton, California, Aspectrics supplies innovative encoded photometric infrared spectroscopy (EP-IR) analyzers to OEMs who supply detector instrumentation to chemical, pharmaceutical, biomedical, and automotive markets.
Aspectrics holds seven US patents and one EU patent for its encoding disc technology and associated optics.
