Innova Dynamics, a developer of advanced materials that can be used in the cleantech industry, has raised $5.5 million as part of an inaugural financing led by Rho Ventures. MentorTech Ventures also participated in this Series A round.
Innova, a spinout of the University of Pennsylvania, says it will use the cash to scale and commercialize its flagship Innlay technology.
The company launched in 2007 as a developer of water purification technologies but is now looking to deploy its IP across various industries, including greentech. We’ve called Innova in Philadelphia for more details on what the Innlay technology does and its potential applications. We will post with any update.
In a prepared statement Innova Dynamics CEO Alexander Mittal, said:
Innova Dynamics’ initial business priority is to focus the commercialization efforts of the company’s flagship Innlay(tm) technology.