FibeRio Technology Corporation, has announced that it has closed an oversubscribed Series B round of private investment led by Silverton Partners and supported by current investors including series A lead investor Cottonwood Technology Fund.
The new capital will facilitate the company's production ramp for its new industrial scale nanofiber equipment formally launching later this year. The financing will also be used for workforce expansion in manufacturing, customer service, engineering and sales and marketing departments.
FibeRio, a capital equipment and technology provider to the nonwoven, filtration, energy, medical device and textiles industries, launched its first product, designed for research and development, in December of last year. In doing so, FibeRio introduced a novel technology for nanofiber production called Forcespinning, which uses centrifugal force to process polymers into nanofibers. Since that time the company has focused on scaling the technology to industrial volumes with continuous production equipment that can be integrated into their customers' production lines. The capital infusion from the Series B round provides the operating capital and infrastructure required to manufacture and service the industrial equipment for which FibeRio has already begun taking orders.
"We are proud to be associated with Silverton Partners and believe that their technology and people-driven philosophy and history of achievement will complement FibeRio's culture and contribute significantly to our success" says FibeRio CEO Ellery Buchanan. "This investment allows us to accelerate our plan to provide our customers with the most advanced nanofiber production equipment and technology available while delivering market-leading service and support."
In August of last year, FibeRio received funding from the Texas Emerging Technology Fund, a competitive multi-stage process to invest in the most advanced technologies and experienced management teams to create jobs in Texas. The capital provided by the State of Texas enabled FibeRio to rapidly advance the state-of-the-art technology, while receiving several awards such as the 2011 R&D 100 from R&D Magazine.
"We have been impressed with FibeRio's rapid pace of development and believe that the management team has well-positioned the company to enable the nonwovens and textiles industries to exploit nanofiber technology to the fullest extent using Forcespinning technology," says Silverton Partners' Bill Wood.