Source Molecular, a Miami, FL-based contract laboratory using DNA techniques in conjunction with EPA-developed IP to identify the species of origin in water sources contaminated with coliform bacteria, raised $1.6m in Series A round of funding.
New World Angels (NWA), Florida’s premier structured angel investor group, has invested $1,267,500 into the planned $1.6m round with the company’s management and prior investors investing the balance to close the round.
The Series A funds will be used to develop new product offerings including self-test kits, project modeling software as well as expand global marketing efforts.
Founded in 2002 by Thierry Tamers, and led by CEO Mauricio Larenas, Source Molecular is a contract laboratory using DNA techniques in conjunction with EPA-developed IP to identify the species of origin in water sources contaminated with coliform bacteria. The client base comprises state and federal oversight agencies, water utilities responsible for both drinking water supplies and managing sewage systems, conservation groups looking to determine the responsibility of watershed polluters, large animal feed organizations, and storm-water management divisions of commercial enterprises.
Most of Source Molecular’s clients are subject to the Federal Clean Water Act, which requires that all municipal, industrial and commercial facilities that discharge wastewater or storm-water into a waterbody (such as a lake, river or ocean) must obtain a permit.