South Carolina-Based Ometric Lands $8.5 Million in New Funding
Posted March 8, 2006 1:50 a.m. EST
COLUMBIA, SC — Ometric Corporation
, a startup focused on spectroscopy technology, has landed a new round of venture capital with a Silicon Valley firm co-leading the investment.
The company raised $8.5 million in all, according to The State newspaper in Columbia.
Ometric has developed technology that uses light to measure the chemical composition of materials.
South Carolina-based Trelys Fund, an original funder of Ometric, co-lead the new round along with Sequoia Capital of Menlo Park CA. AFT Ventures of Columbia also participated in the round.
"We are not aware of any existing product or technology that compares with the results that our SpectrInline Processwar is producing," said Chief Executive Officer Walter Alessandrini. "We are extremely pleased to have earned the confidence of financial backers like Sequoia and Trelys. Their additional funding will allow us to expand our resources so that we can better meet the growing demand to provide these innovative solutions."
Ometric has developed means of incorporating its technology into final product testing for a number of industries, such as pharmaceuticals, chemicals, agriculture and food and beverage.
In tests, its SpectrInline Processware product has proved capable of testing up to 18,000 tablets an hour.
Trelys helped launch Ometric, which is based on technology developed at the University of South Carolina, with seed funding of $250,000.
"From our beginning in 2004, Trelys has provided both capital and valuable business counsel," said Alessandrini. "Many capital firms are not willing to take the time or provide the insight needed to successfully launch a small startup company. Trelys has proved to be a welcome exception; its team has been with us every step of the way. We are proud to be part of the Trelys portfolio."