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Innova Dynamics Raises $5.5 Million Series A Financing
Rho Ventures Leads Round, Innova Dynamics Appoints Chairman
PHILADELPHIA, Pennsylvania — May 26, 2010 — Innova Dynamics, Inc., an innovator in advanced materials technology and cleantech spun out of the University of Pennsylvania, announced today its $5.5 million Series A financing led by Rho Ventures. MentorTech Ventures also participated in the round.
Rho Ventures Co-Founder and Managing Partner Joshua Ruch remarked, "Innova Dynamics has the potential to disrupt large markets in multiple industries with its game-changing technology. At Rho Ventures, we invest in innovative, high growth companies that redefine the status quo. Our financing of Innova Dynamics fully embodies this principle."
Coincident with the funding, Rho Ventures venture partner and former director at Dow Venture Capital, Nicholas Darby, Ph.D., has joined the Innova Dynamics Board of Directors as chairman.
"It is rare for a technology company, commercializing university-developed technology, to have so quickly attained the ability to pursue high-value commercial opportunities," Dr. Darby commented. "We are looking forward to carrying this record of rapid advancement into the next phase of growth for the company."
"Innova Dynamics' initial business priority is to focus the commercialization efforts of the company's flagship Innlay(tm) technology," said Innova Dynamics CEO Alexander Mittal, "Our patent-pending Innlay technology enables the rapid and efficient creation of vastly improved and unprecedented material properties and devices."
Mittal further explained, "We now look to expand the company's reach with the resources and global network of our new investor partners, which allows us to accelerate the speed with which we develop successful commercial partnerships and extract maximum value from our technologies."
About Innova Dynamics:
Innova Dynamics is an innovator in advanced materials technology and cleantech that is inventing and commercializing disruptive advanced materials technologies for a sustainable future. Innova Dynamics partners with other leading technology companies to deliver urgently needed solutions enabled by its portfolio of proprietary technologies, which impact a broad range of fields including electronics, optics, energy, water treatment, coatings, biology, chemistry, and more. Innova Dynamics works with Fortune 500 companies, innovative SMEs and non-profits, and government entities. For more information, visit www.innovadynamics.com.
About Rho Ventures:
Rho Ventures' multi-stage investing strategy focuses on high-growth companies in large markets that are disrupting traditional value chains. With a broad, but strategic, sector mandate, Rho Ventures' investments span new media, healthcare, IT, communications, energy technology, cleantech, and other disruptive technologies. Rho Ventures brings nearly 30 years of venture experience, combined with its partners' deep sector expertise and its far-reaching network to assist each portfolio company in forming a unique strategy to address the specific sector and stage. This approach has allowed Rho to participate in the growth of some of today's most innovative and successful companies, including Active Power, Capstone Turbine, Ciena, Compaq Computer, Gloucester Pharmaceuticals, Human Genome Sciences, iVillage, MedImmune, Senomyx, Shire, Tacoda, Tercica, Tripod and Yantra. Rho Ventures is currently investing from Rho Ventures VI, a $510 million fund. The firm has offices in New York City, Palo Alto and Montreal, with investments across the globe and over $2 billion under management. For more information, visit www.rho.com.
About MentorTech Ventures:
MentorTech Ventures is an early-stage venture capital fund that invests in technology and life sciences companies, with a primary focus on those companies originating at the University of Pennsylvania. MentorTech Ventures plays an active role with its investments from start-up to exit. The MentorTech team has been helping technology companies reach their growth potential for over twenty-five years. In addition to financial capital, they bring substantial intellectual and social capital to their companies through extensive relationships with leading business, engineering and medical school faculty, Wharton alumni, and top tier venture capital funds. For more information, visit www.mentortechventures.com.
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Contacts:
For Innova Dynamics
media@innovadynamics.com
267-499-2085
For Rho Ventures
Beth Monaghan, InkHouse
beth@inkhouse.net
781-791-4552
For MentorTech Ventures
mba@mentortechventures.com
215-382-4200