AdBm Closes USD 1.3 Mln Funding
AdBm Technologies, an underwater noise abatement technology company raised $1.3 Million, led by the Central Texas Angel Network (CTAN). Other investors include Green Park & Golf Ventures as well as the Houston Angel Network (HAN) and the North Texas Angel Network (NTAN).
AdBm, a portfolio company of Austin Technology Incubator’s (ATI) Clean Energy Incubator, also recently announced a successful test of its product in the German North Sea with underwater noise reduction of almost 40 dB, exceeding performance expectations.
AdBm’s Series A funding will enable it to perform further offshore demonstrations of the technology, scale up production capabilities, and provide sufficient capital for manufacturing of the first commercial-scale systems. The company currently has a pipeline of over 30 sales projects worth over $55 million.
“We are very proud to announce the close of our Series A and are gratified by the faith our investors have shown in the company,” said Dr. Mark Wochner, PhD, CEO, AdBm Technologies. “We can now take our commercialized solutions and work aggressively to get them into the market to simplify and improve the installation of offshore wind projects.”
The CTAN process was led by Dr. John Paulos, who has 30 years of experience in academia, engineering management and business leadership, most recently as Senior Vice President and General Manager of the Industrial Products Division of Cirrus Logic, Inc., a leading provider of high performance converter products for seismic exploration. Dr. Paulos, now a full-time angel investor who sits on the boards of 7 portfolio companies, said, “AdBm touches all the bases for me as a start-up investment. They have a unique technology with strong IP protection that can provide a cost-effective solution to a high-value industrial application. They have the potential to dominate in their market space.”
The single largest investor was Green Park & Golf Ventures, based out of Dallas, TX. “AdBm is commercializing a truly unique technology that will not only improve the environmental health of our oceans but will also be good for business by providing a cost-effective solution unlike anything else on the market,” said JR Garcia , Principal, Green Park & Golf Ventures. “I am excited to get more involved with the company.”
AdBm Technologies is a UT startup based on research begun at the University of Texas at Austin’s Applied Research Laboratories, a leading acoustics research laboratory. The company formed in 2013 to commercialize the technology with the support of ATI’s Clean Energy Incubator.
Press release, October 03, 2014; Image: adbm