Senova Systems Closes $6.7M in Series B Financing
Monday, 9 January 2012
New funds will accelerate product commercialization and strategic partnerships
Sunnyvale, CA (January 9, 2012) – Senova Systems, a materials science driven company developing a revolutionary pH (acidity) sensing technology platform, has raised $6.7M in Series B financing. Phoenix Venture Partners led the investment, with participation from Harris & Harris Group as well as existing investors. Proceeds will be used to complete product commercialization of the Smart Probe sensor technology and expand on-going strategic development partnerships.
“We are extremely happy to have PVP and Harris & Harris join our investment group, and are grateful for the continued strong support of our existing investors,” said Lee Leonard, CEO of Senova Systems. “Our success in securing financing from top tier investors in the current challenging economic environment speaks highly to the market appeal of our enabling sensor technology.”
Senova is poised to disrupt the nearly billion dollar existing market with its patented solid-state pH sensor platform., as well as enabling completely new uses for pH sensors in food safety, water safety, medical device, environmental, and agriculture applications. Unlike conventional glass-based pH electrodes, Senova Systems’ solid-state mini and micro-sensors can be used to directly measure pH without the need for constant calibration or wet chemical components associated with current pH electrodes.
“I am excited that such an enabling and strong materials science driven company will be added to our portfolio,” said John Chen, Co-Founder and General Partner of Phoenix Venture Partners. “The platform technology being developed at Senova Systems is a great example of how fundamental new innovations in materials science can transform existing industries in a big way. PVP is looking forward to working with the veteran management team to bring Senova’s technology to the market and help facilitate value-added strategic partnerships.” In conjunction with the financing, Dr. Chen and Dr. Nobi Kambe of PVP will join the company’s Board of Directors.
“We at Harris & Harris Group are excited by the fact that Senova’s technology has the potential not only to disrupt significant existing markets but also to open up a myriad of new important applications for pH sensing that are currently not feasible with the existing 80 year old technology.”
About Senova Systems
Senova Systems is a privately held start-up focused on commercializing a breakthrough solid-state, calibration-free pH sensor technology. The company’s technology is highly enabling for a number of large manufacturing and process related industries ranging from Food and Beverage, Pharmaceuticals, Petrochemicals, to Water and Waste Treatment.
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About Phoenix Venture Partners
Phoenix Venture Partners (PVP) is a leading venture capital firm that invests in and partners with entrepreneurs to commercialize breakthrough materials science innovations. PVP’s team has a track record of founding, building and investing in successful materials science start-ups. The firm’s investment strategy is flexible and predicated on assisting entrepreneurs with customer and supply chain partnerships, business development, as well as strategic and operational support. PVP collaborates with a select set of forward-looking global corporations on business development and innovation interests. PVP is based in Silicon Valley with satellite offices in Singapore and Cambridge, MA.
About Harris & Harris Group
Harris & Harris Group is an early-stage, active investor in transformative nanotechnology companies. Detailed information about Harris & Harris Group and its holdings can be found on its website at www.HHVC.com <https://www.HHVC.com> .