Novinium completes $1.75 million financing round
February 1, 2007 – Novinium, Inc. is pleased to announce it completed its current round of financing on January 31, 2007 after obtaining capital of $1.75 million. During the round the Company sold $1.25 million of Series B Preferred Stock primarily from current and new angel investors and received $0.5 million in venture debt financing. Included in the amount raised was the $100 thousand top prize at the ZINO Zillionaire Investment Forum held at the Fairmont Olympic Hotel in Seattle Washington on September 18, 2006 where Novinium was selected as the best investment opportunity. The event brought together over 250 investors, entrepreneurs and sponsors and featured 28 companies in the Washington, Oregon and Idaho region.
To date, the Company has successfully raised $4.0 million in capital from friends, family, founders, angels and an early stage venture lending institution. The Company plans to use the funds to finance its working capital needs to accelerate the roll out to new and existing customers in North America and around the world.
Novinium was founded in 2003 in the Seattle area and provides cable rejuvenation services and products to electric and telecommunication utilities in the United States and around the world. The primary products are novel fluids, methods, and tools to inject stranded underground cable. The injection process rejuvenates and extends the reliable life of the cable up to 40 years. These products address a primary utility industry infrastructure problem at a fraction of the cost of existing methods.