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Tech stocks - Saturday, May 23, 2009

SpectraSensors Strengthens its Position with $6M in New Funding

Houston, TX-based SpectraSensors secured $6M in additional funding this week. SpectraSensors sells laser based process instrumentation for the analytical process markets. What does that mean? Well, they provide tools to trace and measure moisture along with other natural and toxic gas levels, which is a critical process in the natural gas pipeline industry.

Hailing from the land of big oil, SpectraSensors has been a global leader, selling optical sensors for environmental gas sensing technology. Within the past year it has produced over 30 new process applications for oil/gas refineries and chemical plants. With this round of funding bringing a mix of old and new investors Chevron Technology Venture Investments, American River Ventures, Nth Power, Blueprint Ventures, and Nomura Private Equity Investment the company has locked-in enough financing to bolster its position in the Natural Gas Pipeline industry, and continue overseas expansion within the energy sector.

The company has experienced tremendous growth in tandem with its consistent funding since spining-off from NASA/Caltech Jet Propulsion Laboratory (JPL) in 1999. For the past decade the technology company has led in new technologies that help address corrosion and pollution concerns. Its client portfolio weighs heavy with hundreds of energy companies including Chevron, ConocoPhillips and British Petroleum.

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By Hanif O'Neil