Rocky Hill, Conn., May 21, 2009 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has made a follow-on investment of $158,000 in CiDRA Holdings LLC (CiDRA) through its Eli Whitney Fund. This investment is part of an $8 million round also involving previous investors. This was CI’s sixth investment in CiDRA since 1997 and the organization’s fifteenth investment in early-stage Connecticut technology companies since July 2008.
“Our rapidly expanding geographic presence and our growth into field services for our customers demands increased capital,” said Kevin Didden, president and CEO of CiDRA. “We are in a rare position to have delivered a significant return on capital to our investors last year, due to the sale of our oil and gas business, which has positioned us well for sustained growth capital this year. We are privileged to have our investors as long-term partners and look forward to continued success,” added Didden.
CiDRA is a privately-held, Connecticut-based developer of process optimization tools and services for industrial applications. Its family of sonar-based flow meters is used to accurately measure the flow of liquids and slurries in a variety of industrial flow applications including minerals processing, oilsands, power generation, and pulp and paper applications. The company will use this financing to develop various service offerings related to flow management and assurance, velocity profiling, and overall plant monitoring and process optimization. CiDRA’s current products and services are being used by over 250 customers in 21 countries.
“With an expanding global presence and client base, CiDRA is an excellent example of a high-tech success story, grown right here in Connecticut,” said Governor M. Jodi Rell. “The company had just one employee when Connecticut Innovations made its first investment in CiDRA in 1997. Today – thanks in part to CI’s long-term partnership – CiDRA and its spin-off businesses employ over 150 people in Wallingford.”
Peter Longo, president and executive director of CI, said, “For more than a decade, CI has been an active partner with CiDRA, and we have seen how the company has capitalized on its unique strengths. Flexibility, technical brilliance and business acumen contribute to CiDRA building a strong Connecticut company, and this gives us the confidence to sustain our support.”
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About CiDRA
CiDRA is headquartered in Wallingford, Connecticut with an increasing number of international offices. CiDRA’s patented SONARtrac®, SMARTring™ and HALO ™ flow technology systems and tools utilize measurement principles that are distinct from all other flowmeter technologies or services operating today and are ideally suited for measuring flow in difficult slurry applications within the energy and natural resource industries. CiDRA’s non-intrusive flow monitoring systems do not make contact with the slurry and can be removed and reinstalled when it is necessary to replace the pipe. This passive, sonar-based technology enables measurements of single phase and multiphase fluids, as well as slurries, with the same level of accuracy and performance.
Additional information about CiDRA can be found at www.cidra.com.
SONARtrac, SMARTring and HALO are trademarks of CiDRA.
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