Advanced Infrastructure Technologies, Inc., an Orono, Maine-based provider of advanced solutions for a lighter and greeener bridge construction, completed its Series A round of financing.
The round, whose amount remained undisclosed, was led by Sandpiper Capital Management, LLC of Naples, Florida.
The funding will be used to accelerate the launch of its advanced composite arch tube technology for bridge construction.
The company provides advanced-composite materials that facilitate an efficient and systematic approach to bridge construction offering engineers a cost effective option for both replacement bridges and new construction.
AIF’s bridges generate approximately half the carbon release of conventional construction.
Commenting on the round, Brit E. Svoboda, President and Chief Executive Officer of the company, was quoted as saying: “This funding underscores the positive response we received from the marketplace for our two prototype bridges and will enable us to begin servicing the market’s demand for our highly efficient, sustainable, and safe bridges”.
FinSMEs
03/02/2010