Date: Apr 20, 2016 Source: bizjournals (
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ThermoAura, an Albany, New York thermoelectrics company, has raised $1 million that will help the startup get to profitability.
The company is lead by Rutvik Mehta, a Rensselaer Polytechnic Institute-educated scientist turned CEO. Mehta spoke with the Business Review in the fall about scaling the business up for production.
ThermoAura, an Albany, New York thermoelectrics company, has raised $1 million that will help the startup get to profitability.
ThermoAura makes thermoelectric materials for applications in smart cooling and heating.
The company uses a chemical process that, when cooked in a microwave, turns chemicals into nanoparticles. The nanomaterials are available in powder, wafer or ingot forms.
The latest investment of around $1 million will be used to buy new equipment, build out the team and hire more people to move to full-scale manufacturing.
"The technology is, for the most part, developed," Mehta said. "We need to move into large-scale, high-volume manufacturing."
The investment was led by the Eastern New York Angels (ENYA), along with the Executive Forum angel group and the Soundboard Angel Fund.
ThemoAura is in talks with two other, unnamed funds, to contribute money before closing this round.
ENYA, the National Science Foundation, and New York State Energy Research and Development Authority have all previously made investments in the startup. Thermoaura is expecting to get around $500,000 more from the National Science Foundation in a program that gives $1 for every $2 of private money raised.
The money will help ThermoAura increase its team. Mehta is looking to hire several people with backgrounds in chemical engineering, chemical technicians and some shipping and handling.
The company has already hired two more employees, bringing its staff to eight. In short time, Mehta said the company may have to look for a larger office space that lets them stay in Colonie.
