Wednesday, November 01, 2006

AbTech raises $6.8mm Series A

AbTech Industries, which sells a "smart sponge" for water filtration and spill cleanup, has raised a $6.8mm round of financing from Bernard L Madoff Securities and other financial investors. As the linked article notes, the company has been around for a while, and had previously raised a total of $15mm in small-round angel financings. The article also notes that the company's goals for the use of the capital are to increase sales coverage nationwide, and to build up their sales pipeline to $5mm by year's end. (Thanks to Bernardo Llovera and VentureWire for the heads up on this one)

Also, looking forward to seeing everyone tomorrow (Thursday the 2nd) at the next REBN event, "Everything You Need To Know About California Cleantech Legislation," generously hosted by Nixon Peabody up in the city. For more details and to RSVP (space is getting pretty tight), contact Nick Allen.


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