|
A world of information in a drop |
|
News Article |
|
Dow Jones VENTUREWIRE, Tuesday, May 17, 2005 Aria Receives Seed Capital, Eyes $1.2M Series A For Liquid Testing Device Cleveland — Aria Analytics Inc., a start-up commercializing an acoustic mechanical impedance, or AMI, analytical device to determine the makeup of fluids, said it received less than $500,000 in seed capital. Aria will now seek $1.2 million in a Series A round “to be completed by the fall,” according to Chief Operating Officer Christina Vacca. Vacca said the first investment came two weeks ago from Glengary LLC, a venture firm focused on early stage companies in Northeast Ohio. The Cleveland-based company expects a number of investors in the Series A round to come from Glengary contacts. Aria Analytics has also been funded by technology transfer company 5iTech LLC. Aria technology uses sound waves to determine the composition of liquid. Proceeds from the forthcoming round will be used to develop a prototype of the device in six months with a launch anticipated in approximately 18 months. “What this does is uses sound waves to look at the change in a drop of liquid as it dries,” Vacca said. Aria technology uses properties of drying complex liquids to generate unique signatures that can later be used for comparisons, quality control and medical diagnostics. The company said its device works by drying a micro-sample of a liquid on an oscillating quartz crystal to obtain a signature from impedance measurements of the drying drop. The test takes about five to 30 minutes. Thanks to initial work at the Russian Institute of Applied Physics at Nizhny Novgorod where the technology was originally developed, Aria has preliminary data regarding applications in medical tests as well as quality control in industries such as specialty chemicals and food and beverage, Vacca said. 5iTech seeks to commercialize technologies developed by scientists from countries of the former Soviet Union. After it was spun off from 5iTech in 2003, Vacca said Aria has recently been working with a research and development team to finish technology transfer for eventual commercialization in the U.S. “Beer is the area where our Russian colleagues worked; we have worked in dairy,” Vacca said. However, she added the technology is applicable to “any kind of product that has a shelf life.” For example, a beer—or dairy—company could use Aria’s technology to determine how its product ages. “Today, most industries have to run a battery of tests to see how fresh something is...this would give you one test to tell whether you’re meeting specifications,” Vacca said. Aria will initially launch products in specialty chemicals and food and beverage to be followed by medical applications in about two or three years, Vacca said, at which point Aria will address FDA regulatory hurdles. In addition to its capital investment, Glengary Operating Partner Christian Bernadotte joins Aria as acting chief executive. Vacca said she essentially served in that role prior to Bernadotte’s arrival. Aria has eight employees. Contact Aria: 216-391-7761
|
|
Glengary, an early stage capital firm in NE Ohio, provided the first investment |
|
Aria Receives Seed Capital |
|
Date: 5/17/05 |
