SciAps, a Woburn, MA based portable analytical instrumentation company, has completed an additional $2.3M round of financing. The financing consists of a $1M Senior Debt instrument from Enhanced Capital Wyoming Fund and an additional $1.3M of equity capital for the same equity class that closed in February, 2013. The lead investors in this equity round are Rand Capital (Buffalo, NY) and Coastal Ventures (Portland, ME) with some additional “tag along” investment by company founders.
Enhanced Capital Wyoming Fund provided the funding through its participation in the Wyoming Small Business Investment Credit (WSBIC) program created by the State of Wyoming and administered by the Wyoming Business Council. Proceeds from Enhanced’s working capital facility will be used to support SciAps’ Delta Nu operations that are focused on the rapidly growing, portable Raman analyzer business segment. “Since meeting Enhanced, SciAps has created 3 additional full time positions at its Laramie, WY facility,” said Gingee Price, Vice President of Enhanced Capital Wyoming Fund. “We are excited about SciAps’ commitment to continue to grow its Wyoming-based engineering and manufacturing operations.”
The equity capital will fund the continued development of several promising new portable analytical technologies. “Rand Capital, Buffalo NY (NASDAQ;RAND) and Coastal Ventures, Portland ME, are excited to partner with a proven team that has the ability to execute on a business plan”, stated Coastal’s Nat Henshaw. Daniel Penberthy of Rand added, “SciAps’ disruptive technologies in the portable analytical instruments field provides an interesting opportunity to excel in an industry space in which the management team has long standing experience and reputation for delivering novel solutions”
About Enhanced Capital Wyoming Fund
Enhanced Capital Wyoming Fund, LLC is a Jackson, Wyoming-based investment fund and wholly owned subsidiary of Enhanced Capital Partners, Inc. Enhanced Capital Partners, Inc., headquartered in New York City, is a diversified private investment firm focused on established small and mid-sized companies overlooked by traditional sources of capital due to location or size. Since 2000, Enhanced Capital’s funds have financed businesses through a variety of state and federal public-private investment programs, including its federal SBIC fund. For more information, visit www.enhancedcapital.com.
For more information about SciAps please contact email@example.com
+1 339 927 9455