Novariant, Inc. Announces $40 Million Financing
Novariant Inc., a provider of industrial solutions for precision positioning and intelligent machine control systems, announced a $40 million Series D equity financing to fuel the company's rapid growth. Investor Growth Capital led the financing, with new investors Sierra Ventures and Ridgewood Capital, and existing investors Argonaut Private Equity, Clearstone Venture Partners, Pacifica Fund, Kirlan Venture Capital, and Yasuda Enterprise Development participating.
Novariant continues to experience strong demand for its products with revenues through September 2008 up nearly 75% over the prior year. In the agricultural sector, rising input costs lead farmers to look for new ways to increase efficiency and productivity. Novariant's AutoFarm Division, with its patented GPS automatic, hands-free steering systems, offers cost- and time-saving efficiencies along with increased yields. Novariant's mining division has sold its Terralite XPS Systems into surface mines operated by five of the largest mining companies in the world. The Terralite XPS System significantly increases the productivity of high precision mining operations by eliminating operational downtime caused by limited GPS signal availability. It provides the 24/7 positioning information needed for machine control and guidance systems and for autonomous operations.
"We are very pleased to have well known firms like Investor Growth Capital, Sierra Ventures and Ridgewood Capital investing in the company, and to have strong continued support from our existing investors," said Herb Satterlee, Novariant's CEO. "Our new investors have a long term focus on value with significant international experience. This financing further validates Novariant's market opportunity and demonstrates confidence in our current and future growth prospects. This capital will enable us to focus on execution, developing new, innovative products for our customers and expanding our international presence."
In connection with this financing, Phil Dur, investment professional for Investor Growth Capital, will join Novariant's board of directors.
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