Prism Analytical Technologies Raises $1.8M to Change the Face of Analytical Used in the Field and Laboratory
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Mt. Pleasant, MI–March 4, 2016– Prism Analytical Technologies, a provider of cutting-edge technology solutions for measuring trace compounds in the field and laboratory, raised $1.8M to ramp up sales and expand R&D efforts for MAX technology. Prism’s CTO, Marty Spartz, is one of the pioneers of emissions testing technology and previously developed a number of market-leading analytical instruments. Hyde Park Angels led the Series A-1 round with participation from Michigan-based Grand Angels as well as the company’s Series A investors.
Prism’s CEO, Les Keepper, commented, “I am pleased to welcome Hyde Park Angels and Grand Angels to the Prism team as we enter a stage of renewed growth. 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.”
The raise will allow Prism to enter and disrupt analytical instrumentation markets totaling over $3B with MAX technology, a platform technology that integrates the current FTIR instrument with patented software and hardware add-ons. Currently, MAX technology exists as an in-market solution for customers in the field – industrial stack testers and landfill and wastewater operators – as well as customers in the laboratory – chemicals, petroleum, and gas suppliers. Over the next fifteen months, Prism will expand applications into additional field and laboratory markets.
“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. Grand Angels is proud to support such a brilliant and innovative team based right here in Michigan,” said Paul Damato, Managing Director of Grand Angels.
The Prism team is made up of experts in emissions testing instrumentation. In 1998, CTO Marty Spartz developed the current market-leading FTIR instrument used by stack testers to test air emissions regulated by the EPA. The Prism team has used its unique understanding of the same instrument to build its disruptive technology and build on the existing market share.
For target customers in the field, the incumbent technology is only capable of completing approximately 20% of testing on-site in real-time, resulting in material fines and penalties, operational costs, and missed revenue. MAX technology enables target field customers to complete over 95% of testing on-site in real-time. For target customers in the laboratory, the incumbent technology requires approximately 50% downtime, resulting in material missed revenue. MAX technology enables target laboratory customers to increase uptime to approximately 88%.
Rob Eckardt, veteran enterprise sales professional, new Prism Board Director, and Hyde Park Angels investor said, “With the MAX technology, Prism is extending their leadership in providing business critical solutions for their existing customers, while creating substantial new market opportunities for their business. Hyde Park Angels is excited to support such an experienced team of scientists and technologists.”