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February 13, 2004 Griffin Analytical Technologies raises $2.4 million in fundingWEST LAFAYETTE, Ind. - Griffin Analytical Technologies Inc., a Purdue Research Park company, announced today (Friday, 2/13) that the company has received a $2.4 million investment to commercialize its chemical sensors, which have with homeland security applications. The investment, referred to as company’sS Series A funding, was led by Rose-Hulman Ventures with participation by Twilight Venture Partners, Purdue Research Foundation and several angel investors from Indiana. ""We are very pleased to have secured all of our funding from within Indiana,"" said Dennis Barket, Griffin’'s co-founder and president. ""This demonstrates an emerging commitment by Indiana’'s investment community towards incubating high-tech businesses in this state."" Griffin is developing Purdue University-licensed technologies that, for the first time, enable mass spectrometers to be portable and capable of multidimensional mass analysis. The instruments are being produced to detect, identify and confirm chemical threats. Specific applications range from detection of explosives and chemical weapons to field-based environmental health and safety analysis. ""Griffin continues to hit strategic milestones that prove that it’'s a company well- positioned to take advantage of the emerging market opportunities connected with homeland security and the U.S. Department of Defense,"" said Jim Eifert, president of Rose-Hulman Ventures. This round of funding will be used to complete development and commercialization of Griffin’'s MINOTAUR, the first portable mass spectrometer based on cylindrical ion trap technology that has the ability to detect trace concentrations of chemicals in air, water and soil, and then confirm the presence of these chemicals through an additional process called multidimensional mass analysis. ""Existing technology operates with a high rate of false alarms, which has led to diminished credibility,"" Barket said. ""MINOTAUR'’s ability to confirm initial findings gives Griffin a significant competitive advantage, and it gives the instrument operator the confidence required to properly respond to an established chemical threat."" As director of the Purdue Research Park'’s venture assistance program, Purdue Gateways, Sam Florance worked closely with Griffin Analytical in its early stages. ""Almost three years ago, two Purdue graduate students won the university'’s Burton D. Morgan Entrepreneurial Competition, and now they are poised to launch their technology into the marketplace,"" Florance said. ""Griffin Analytical'’s founders have quickly transitioned the company from early phase to growth phase due to strategic thinking and planning, the strong support system at Purdue Research Park, and Indiana investors recognizing the investment opportunity in this growing company."" In 1999, the Lilly Endowment, Inc. awarded a $29.7 million grant to Rose-Hulman Institute of Technology to establish Rose-Hulman Ventures, a technology-based business incubator in Aleph Park in Terre Haute, Ind., that offersing traditional incubator resources for individual entrepreneurs and contract engineering services for multinational corporations. RHV also has identified opportunities with Indiana colleges and universities, incubators, businesses, governments, cities and economic development organizations to collaborate and pool resources for the purpose of expanding and creating more technology-based companies in the state. Purdue Research Park, Indiana'’s first Certified Technology Park, is home to the largest university-affiliated, state-of-the-art business incubator in the nation. Life sciences, information technology and advanced manufacturing ventures make up the majority of the more than100 businesses located on the park'’s 591 acres in West Lafayette. Writer: Jeanine Phipps, media relations, Purdue Research Park, (765) 494-0748, jsphipps@purdueresearchfoundation.org Sources: Dennis Barket, (765) 775-1701 x101, barket@griffinanalytical.com Jim Eifert, (812) 244-4000, james.eifert@rhventures.org Sam Florance, (765) 496-6246, florance@purdue.edu Rob Donoho, VP sales and marketing, Griffin Analytical, (765) 775-1701 x104, donoho@griffinanalytical.com Related News Stories: Purdue Research Park companies awarded Indiana 21st Century fundsl |
