SensorTran Closes $3.5 Million in Funding
0 comments / Posted on 15. Dec, 2008 by Bryan Menell in Cleantech
SensorTran, the developer of the world’s most advanced distributed temperature sensing (DTS) technologies, today announced a $3.5 million round of venture capital financing, which will be used for working capital and to accelerate the growth of SensorTran’s Smart Grid and wellbore monitoring businesses. Participants in the round included Advantage Capital Partners, Expansion Capital Partners, WHEB Ventures, and Stonehenge Capital Company.
SensorTran, the only North American DTS manufacturer, develops distributed asset monitoring solutions that offer real-time, high-resolution and continuous temperature measurements along optical fibers. The company has deployed DTS systems in all major regions of the world to monitor oil wells, pipelines, LNG tanks, and power cables. SensorTran attributes its dramatic growth to its superior technology and customer service as well as the company’s flexibility to support a variety of global energy projects. SensorTran’s customers include Baker Hughes, Halliburton, Austin Energy, BC Hydro, and other Fortune 1000 companies.
“SensorTran’s continued innovation and international sales success will make us cash-flow positive in 2009,” said Kent Kalar, CEO of SensorTran. “This investment will help us to continue to aggressively grow the company despite the broader economic slowdown.”
Tim Cockshutt, a managing director at Advantage Capital in Austin, stated: “SensorTran is a great example of an Austin company developing technology that not only impacts the bottom line, but makes a positive environmental impact as well. This additional funding will help SensorTran continue on its strong growth path while pushing the envelope on clean energy innovation.”
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Posted by Bryan Menell
http://austinstartup.com |