RF Biocidics Secures $10 Million Funding Led by Invesco and Allied Minds, Inc.
16-Jun-2011
Boston, MA, June 16, 2011 – RF Biocidics, Inc. (RFB) formally closed a $10MM round of funding that will be utilized to aggressively drive growth of the firm’s proprietary pasteurization and disinfestation businesses. This expansion stage funding was led by Boston-based Allied Minds, Inc. and supported by Allied Minds’ key shareholders, notably Invesco Asset Management Ltd.
RFB manufactures chemical-free treatment equipment and systems designed to eliminate food related pathogens, pests, and fungi. Treatment is quick and convenient: achieving reliable pathogen control, high throughput efficiency, and cost effective performance with no change to sensory, nutritional or functional values. These systems are not only utilized in RFB’s treatment service business, but they are also leased to customers for on-site use in their own facilities.
“This funding is extremely timely for RFB as both our treatment and leasing businesses have seen increasing interest, revenues and greater opportunities this year,“ stated Dr. Fortunato Villamagna, the company’s Vice President and General Manager. “In addition, our equipment leasing business recently secured contracts for the installation of three additional agricultural commodity treatment systems in the United States and Asia.”
RFB has also recently received Almond Board of California’s Technical Expert Review Panel (TERP) approval for a system installed at a customer’s site. After undergoing extensive validation testing the RFB system consistently achieved higher than the required minimum 4-log pathogen reduction. The TERP report stated, “Under the conditions used, the microbiological data show that a RF process provided more than the required minimum 4-log destruction of E. faecium (and, therefore, salmonellae) on almonds.”
Marc Eichenberger, COO of Allied Minds, added, “We are very happy with the progress achieved by the team leading RF Biocidics. Based on the technical success and sales orders received to date, we plan to expand aggressively now. This funding will allow RFB to accept new customer commitments as well as accelerate product development so we can move into new geographic and treatment markets. This is a very exciting time for RFB.”
About RF Biocidics, Inc.
RF Biocidics is a fast-growing company providing an environmentally friendly, chemical-free alternative for disinfection (pasteurization) and disinfestation of food and other products. This novel, organic technology was originally developed at the University of California, Davis and has a broad range of potential applications, including food safety, agriculture, import/export compliance, wood and waste water treatment. RF Biocidics designs, develops and operates radio frequency systems on behalf of its worldwide customers.
RF Biocidics, Inc. (RFB) is a treatment company focused on making food safer for consumers by eliminating the pests and pathogens commonly found in unprocessed commodities. RFB’s staff of dedicated chemists, biologists, microbiologists and engineers provides our customers with the best chemical free and environmentally friendly treatment options and services available in the industry. RF Biocidics is an Allied Minds company headquartered in California. www.rfbiocidics.com
About Allied Minds, Inc.
Allied Minds is a private equity-funded innovation company with offices in Boston and Los Angeles. The Company creates startup businesses based on early-stage technology developed at renowned U.S. universities and national labs, and serves as a holding company that supports these businesses with capital, management and shared services. Allied Minds is the premier firm to utilize this novel and fully-integrated approach to technology investing. The Company’s subsidiary investments span multiple business sectors and offer an attractive risk-return profile, a deliverable timeline and potential products that will be groundbreaking in their respective fields. These subsidiaries include BA Logix, Biotectix, Cephalogics, CryoXtract, Illumasonix, ProGDerm, Precision Biopsy, Purtein, RF Biocidics, SaltCheck, SciFluor Life Sciences, SiEnergy Systems, SoundCure and Spin Transfer Technologies. For more information, please visit www.alliedminds.com.
For More Information:
Fortunato Villamagna
Vice President and General Manager
RF Biocidics, Inc.
Tel: (707) 451-2027
fortunato.villamagna@rfbiocidics.com
www.rfbiocidics.com
RFB manufactures chemical-free treatment equipment and systems designed to eliminate food related pathogens, pests, and fungi. Treatment is quick and convenient: achieving reliable pathogen control, high throughput efficiency, and cost effective performance with no change to sensory, nutritional or functional values. These systems are not only utilized in RFB’s treatment service business, but they are also leased to customers for on-site use in their own facilities.
“This funding is extremely timely for RFB as both our treatment and leasing businesses have seen increasing interest, revenues and greater opportunities this year,“ stated Dr. Fortunato Villamagna, the company’s Vice President and General Manager. “In addition, our equipment leasing business recently secured contracts for the installation of three additional agricultural commodity treatment systems in the United States and Asia.”
RFB has also recently received Almond Board of California’s Technical Expert Review Panel (TERP) approval for a system installed at a customer’s site. After undergoing extensive validation testing the RFB system consistently achieved higher than the required minimum 4-log pathogen reduction. The TERP report stated, “Under the conditions used, the microbiological data show that a RF process provided more than the required minimum 4-log destruction of E. faecium (and, therefore, salmonellae) on almonds.”
Marc Eichenberger, COO of Allied Minds, added, “We are very happy with the progress achieved by the team leading RF Biocidics. Based on the technical success and sales orders received to date, we plan to expand aggressively now. This funding will allow RFB to accept new customer commitments as well as accelerate product development so we can move into new geographic and treatment markets. This is a very exciting time for RFB.”
About RF Biocidics, Inc.
RF Biocidics is a fast-growing company providing an environmentally friendly, chemical-free alternative for disinfection (pasteurization) and disinfestation of food and other products. This novel, organic technology was originally developed at the University of California, Davis and has a broad range of potential applications, including food safety, agriculture, import/export compliance, wood and waste water treatment. RF Biocidics designs, develops and operates radio frequency systems on behalf of its worldwide customers.
RF Biocidics, Inc. (RFB) is a treatment company focused on making food safer for consumers by eliminating the pests and pathogens commonly found in unprocessed commodities. RFB’s staff of dedicated chemists, biologists, microbiologists and engineers provides our customers with the best chemical free and environmentally friendly treatment options and services available in the industry. RF Biocidics is an Allied Minds company headquartered in California. www.rfbiocidics.com
About Allied Minds, Inc.
Allied Minds is a private equity-funded innovation company with offices in Boston and Los Angeles. The Company creates startup businesses based on early-stage technology developed at renowned U.S. universities and national labs, and serves as a holding company that supports these businesses with capital, management and shared services. Allied Minds is the premier firm to utilize this novel and fully-integrated approach to technology investing. The Company’s subsidiary investments span multiple business sectors and offer an attractive risk-return profile, a deliverable timeline and potential products that will be groundbreaking in their respective fields. These subsidiaries include BA Logix, Biotectix, Cephalogics, CryoXtract, Illumasonix, ProGDerm, Precision Biopsy, Purtein, RF Biocidics, SaltCheck, SciFluor Life Sciences, SiEnergy Systems, SoundCure and Spin Transfer Technologies. For more information, please visit www.alliedminds.com.
For More Information:
Fortunato Villamagna
Vice President and General Manager
RF Biocidics, Inc.
Tel: (707) 451-2027
fortunato.villamagna@rfbiocidics.com
www.rfbiocidics.com
