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SpectraSensors Secures $6M in New Funding
Houston, TX May 18, 2009 -- SpectraSensors, Inc., a leading supplier of optical sensors for industrial and environmental gas sensing applications, announced the company has raised in excess of $6M in new financing from both its current investors as well as new investors. Investors participating include Blueprint Ventures, Nth Power, American River Ventures, Nomura Private Equity Investment, and Chevron Technology Venture Investments.
“Raising additional working capital at favorable terms in the current economic climate is a true testament to the strength of SpectraSensors products, customers and technology,” said George Hoyem, Managing Director of Blueprint Ventures, further stated, “as the company continues to expand and grow, this additional working capital allows SpectraSensors to aggressively address new markets and applications for its world class technology and solutions.”
George Balogh, CEO, stated, “This investment along with operating changes implemented earlier in the year provides us with a solid financial position while continuing our expansion into overseas markets, strengthening our customer support activities and product offerings worldwide.”
Over the past year, SpectraSensors has launched 34 new process applications for refineries, olefins, gas processing and petrochemical plants. The new applications include trace measurements of Water, Acetylene, Hydrogen Sulfide and Carbon Dioxide in a variety of process chemical streams.
SpectraSensors is a significant player in the moisture in Natural Gas measurement market, and offers the only Tunable Diode Laser analyzer for Hydrogen Sulfide in Natural Gas. These measurements are critical to pipeline integrity monitoring to ensure the safety of Natural Gas pipeline infrastructure.
About SpectraSensors, Inc.
SpectraSensors, Inc. is the leading global provider of laser based process instrumentation for analytical process markets. SpectraSensors uses Tunable Diode Laser (TDL) Absorption Spectroscopy in an array of products such as Ambient Air Monitoring, Moisture Analyzers (Hygrometers) and Gas Analyzers for Natural Gas Pipelines and Processors, Petrochemical Refineries and Chemical Companies. SpectraSensors' gas analyzers measure moisture (H2O), carbon dioxide (CO2), hydrogen sulfide (H2S), acetylene (C2H2) and more.