TechTown’s NextCAT lands $250K in VC from Automation Alley
NextCAT has taken another step forward, this time locking down $250,000 in seed capital from Automation Alley.
That money will help pay for a pilot test of its bio-diesel catalyst technology in the first half of this year. That test should prove the viability of a major scale up of production of the catalyst, which was developed at the National Biofuels Energy Lab at Wayne State University. That proof of viability should clear the way for commercial sales later this year.
“We’re expecting revenue in this calendar year and a major ramp up of revenue in 2012,” says Chuck Salley, CEO and president of NextCAT.
NextCAT employs seven people and the occasional intern at its TechTown headquarters. It expects to hire another 2-4 people this year as it begins producing the catalyst. Those jobs will include a business development manager and research engineers. This isn’t the first chunk of venture capital investment for NextCAT. The company received another $250,000 from the Michigan Pre-Seed Capital Fund last year.
Source: Chuck Salley, CEO and president of NextCAT
Writer: Jon Zemke
Read more about Metro Detroit’s growing entrepreneurial ecosystem at SEMichiganStartup.com.
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