Hyde Park Angels Makes its Biggest Investment of 2016
Despite rumblings of a national slowdown in venture capital, Hyde Park Angels (HPA), the Midwest’s largest angel group, just made its largest investment in 2016, bringing its Q1 total to over $2.4M.
This month, the group revealed that it has led a $1.8 million round in Mt. Pleasant, Michigan-based Prism Analytical Technologies, a provider of solutions for measuring trace compounds in the field and laboratory. According to Hyde Park Angels, the investment represents the firm’s commitment to “leading more deals and investing in a broader range of industries.” HPA investor Rob Eckardt will be Prism’s new Board Director.
Prism was founded in 1992 and the company’s CTO, Marty Spartz, is a pioneer in the field of developing emissions testing technology. The company said that it will use the funding to accelerate sales and expand research and development efforts for MAX technology, Prism’s new analyzer that measures complex samples. The company says that MAX allows it to “enter and disrupt the analytical instrumentation markets.”
Explained Prism CEO Les Keepper, “MAX Technology is a turning point for what is already an outstanding services company, and the opportunity in front of our team of experts is very exciting.”
Added Paul Damato, Managing Director of Grand Angels, a Michigan-based angel group that participated in the round, “Prism’s breakthrough technology is extremely relevant as the US and other countries work to reduce the damage we are causing to the environment through smokestack emissions, landfills, or any other industrial application that may release dangerous air-born chemicals.”
Hyde Park Angels has been investing in Midwest startups since 2006 and has over 40 portfolio companies, including Parkwhiz, which raised a $24 million Series C in January, and Geofeedia, which raised a $17 million Series B in February.
Recent investments include participating in TurboAppeal’s $3 million seed round and Dabble’s most recent $1 million round.
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