AdBm Technologies Closes $1.3 Million Series A Funding Led by CTAN
Austin, TX (PRWEB) October 03, 2014 -- AdBm Technologies, an underwater noise abatement technology company, today announced its Series A funding. The company raised $1.3 Million, led by the Central Texas Angel Network (CTAN). Other investors include Green Park & Golf Ventures as well as the Houston Angel Network (HAN) and the North Texas Angel Network (NTAN). AdBm, a portfolio company of Austin Technology Incubator’s (ATI) Clean Energy Incubator, also recently announced a successful test of its product in the German North Sea with underwater noise reduction of almost 40 dB, exceeding performance expectations.
AdBm has developed a lower cost, effective and reliable underwater noise abatement system which enables businesses to meet underwater noise regulations, especially in offshore wind, energy and marine construction projects. The AdBm technology is much more effective acoustically and considerably faster to install that other alternatives, while also safer and more economical.
AdBm’s Series A funding will enable it to perform further offshore demonstrations of the technology, scale up production capabilities, and provide sufficient capital for manufacturing of the first commercial-scale systems. The company currently has a pipeline of over 30 sales projects worth over $55 million.
“We are very proud to announce the close of our Series A and are gratified by the faith our investors have shown in the company,” said Dr. Mark Wochner, PhD, CEO, AdBm Technologies. “We can now take our commercialized solutions and work aggressively to get them into the market to simplify and improve the installation of offshore wind projects.”
The CTAN process was led by Dr. John Paulos, who has 30 years of experience in academia, engineering management and business leadership, most recently as Senior Vice President and General Manager of the Industrial Products Division of Cirrus Logic, Inc., a leading provider of high performance converter products for seismic exploration. Dr. Paulos, now a full-time angel investor who sits on the boards of 7 portfolio companies, said, “AdBm touches all the bases for me as a start-up investment. They have a unique technology with strong IP protection that can provide a cost-effective solution to a high-value industrial application. They have the potential to dominate in their market space.”
The single largest investor was Green Park & Golf Ventures, based out of Dallas, TX. “AdBm is commercializing a truly unique technology that will not only improve the environmental health of our oceans but will also be good for business by providing a cost-effective solution unlike anything else on the market,” said JR Garcia , Principal, Green Park & Golf Ventures. “I am excited to get more involved with the company.”
AdBm also recently announced its successful offshore demonstration, working alongside its partner, Ballast Nedam, to deploy its system in the German North Sea, and realize underwater noise reduction of nearly 40 dB, a level critical for installation of offshore wind farms.
AdBm Technologies is a UT startup based on research begun at the University of Texas at Austin’s Applied Research Laboratories, a leading acoustics research laboratory. The company formed in 2013 to commercialize the technology with the support of ATI’s Clean Energy Incubator.
About AdBm Technologies:
Privately-held and founded in 2013 as a university-based startup at the University of Texas, AdBm has developed a new method to attenuate underwater noise. Commercial jobsite testing of AdBm’s solution has proved a more effective and more economic noise abatement solution, which is required for many offshore projects in the marine construction and energy industries. AdBm enables businesses to meet underwater noise regulations, which is critical in the fast-growing offshore wind industry, where current limitations result in up to 50% productivity loss for offshore projects, or complete shut downs, estimated to cost up to $1 million per day depending on the project and industry. AdBm Technologies has raised almost $2 million and currently is managing a pipeline of 30+ projects interested in leasing its systems. For more on AdBm Technologies, see http://adbmtech.com/.
About The Central Texas Angel Network:
The Central Texas Angel Network is one of the leading Angel Networks in the nation, with
over 120 individual Angel Investors. In 2013, CTAN invested $9.7 million in 33 local startup
companies. http://centraltexasangelnetwork.com/
About Green Park & Golf Ventures:
Based in Dallas, TX and built on over 50 years of operational and financial experience, Green Park & Golf Ventures seeks investment opportunities primarily in healthcare and technology that offer above-market returns for its investors. The Firm delivers strategic solutions, financial backing and a reliable network to its portfolio companies. Our activity in the investment depends on the needs of the entrepreneur and life stage of the company with the typical investment ranging from $100,000 to $1,000,000 and is used for either start-up or growth capital. http://gpgventures.com/
Laura Beck, AdBm, http://adbmtech.com/, +1 (512) 786-1098, [email protected]
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