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Cyrano Sciences, Inc., the Sensory Information Company, Raises 23 Million
PASADENA, Calif., March 5 -- Cyrano Sciences, an electronic nose and sensory information software company, today announced a $23 million investment from a multi-member syndicate. Rustic Canyon Group, formerly known as TMCT Ventures, leads the investment group, which also includes Ridgestone Corporation, a group of international institutional and individual investors through the Sandoz Family Foundation and several of Cyrano's previous investors including Oak Investment Partners out of New York. This financing will be used both to fund sales growth of Cyrano's current products and the development of a browser-based sensor interpretation software. "We are very excited to bring on board two people who we believe will help establish Cyrano Sciences as the premier supplier of solutions that digitize and quantify sensory data," said Steven Sunshine, President and CEO, Cyrano Sciences. "Betsy brings a strong track record of overseeing a variety of international mergers and acquisitions, which should prove to be invaluable as we scale to meet the demands of additional customers. Marla's extensive background within sales and business development will be equally as crucial to our organization as we continue to create strategic alliances with a broad range of industry partners." Utilizing technology developed at California Institute of Technology that mimics how humans smell, Cyrano Sciences provides products that collect and analyze sensory data for a broad range of businesses within the chemical, oil, medical, and food and beverage industries. Cyrano's flagship product, the Cyranose 320", is a hand-held electronic nose that enables customers to identify vapors easily. Unlike existing sensory testing equipment found in the lab, the Cyranose is portable, low cost, easy to use, and delivers testing results in seconds rather than days. Cyrano Sciences also provides customers with "Nose-Chips"," processors that are embedded into other devices in order to provide low cost chemical information at the point of need. Cyrano Sciences is working with businesses to help them identify, via smell, such diverse substances as the source of a house fire to the type of crude oil in a particular tanker. "Cyrano Sciences is one of the rare technology companies that has found a truly unique way to solve existing needs in the marketplace," stated John Babcock of Rustic Canyon. "Moreover, the track record of Cyrano's management team, combined with the market demand for the company's products, convinced us that Cyrano Sciences is well positioned to capitalize on the vast market opportunity for extremely efficient, low-cost, chemical detection devices." "We are very pleased by the commitment our investors have shown in helping us to develop and market products that are transforming how companies gather and interpret sensory information," stated Steven Sunshine, President and CEO, Cyrano Sciences.
For more information, please contact: Michael Lindenberger for Cyrano Sciences, Inc. |