MassVentures Awards Triton $500K to Commercialize Novel Chemical Sensor Technology
Chelmsford, MA (PRWEB) September 01, 2016 -- Triton Systems Inc. (Triton) announced today that it has received a highly competitive SBIR Targeted Technologies (START) program Stage III grant from MassVentures, a venture capital firm focused on fueling the Massachusetts innovation economy by funding early-stage, high-growth Massachusetts companies. The funding will help enable Triton to commercialize its Traceptor™ chemical sensor for applications in defense, homeland security, environmental monitoring, and contraband detection markets.
The START program helps growing Massachusetts-based companies commercialize technologies developed under SBIR (Small Business Innovation Research) grants from federal agencies including the Army, Air Force, Navy, National Institutes of Health and NASA. Since the program’s founding in 2012, START has provided $9 million in grant funding to 40 SBIR projects, and helped the winners raise additional capital of $24 million and enabled 30% employee growth.
Triton’s Traceptor sensing product line can detect explosives, contraband, hazardous chemicals, and industrial materials for many security and industry needs. It enables field sensing with much greater sensitivity than is available on the market today, is compatible with standard analytical devices, and can be deployed in the field, which is ideal for defense, homeland security, gas and oil, and environmental applications. It improves the sensitivity of traditional trace vapor sensors, allowing them to meet ever increasing detection requirements.
“We are delighted to have won this competitive Stage III funding from the START program, which will provide the means to implement manufacturing infrastructure and quality systems critical for commercial success,” noted Ken Mahmud, Executive Vice President at Triton. “MassVentures has been a true partner in our product development journey from the completion of the SBIR program to Stage III.”
“START Stages I and II enabled Triton to pursue trials for the Traceptor sensor, leading to its adoption by a cornerstone customer as well as allowing identification of key markets for our product,” said Ross Haghighat, Triton Chairman and CEO. “The addition of the Stage III funding will further the commercialization of this promising technology. This award is a further validation of Triton’s continued effort to provide innovative disruptive products and technology offering real solutions to the marketplace.”
“The START program is a unique feeder system to MassVentures and the venture community that fosters growth of companies and readies them for venture funding," said Jerry Bird, President, MassVentures. "MassVentures helps companies like Triton Systems capitalize on their SBIR funding and arm them with the capital, experience, mentoring and network they need to transition to high-growth companies.”
About MassVentures (http://www.mass-ventures.com)
MassVentures is a venture capital firm focused on fueling the Massachusetts innovation economy by funding early-stage, high-growth Massachusetts companies as they move from concept to commercialization. MassVentures focuses on Series A investments and considers occasional and opportunistic seed rounds.
About Triton Systems, Inc. (http://www.tritonsystems.com)
Triton Systems, (Triton) was founded as a technology and business incubator in 1992. Headquartered in Chelmsford, MA, Triton has grown to a global footprint by taking breakthrough ideas in a broad range of disciplines and creating a series of commercial products and independent spin-offs, represented by over $2B in shareholder value across its portfolio of companies. By partnering in-house technical, business and financial expertise with targeted external resources, Triton delivers creative solutions to the marketplace through licensed products, joint ventures and independent entities. Company spinoffs, products and divisions include: FRX Polymers, Inc. (http://www.frxpolymers.com), Aduro Biotech (http://www.aduro.com), FRA Composites, Invexus, Si2 Technologies, VOmax and the Egret™ Bednet Tent.
Diane Wilson, Triton Systems, http://www.tritonsystems.com, +1 (978) 505-1275, [email protected]
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