Rand Capital Corporation has invested $250,000 as part of a $4.3 million equity capital funding round in SciAps, Inc., manufacturer of handheld analytical instruments. The funding round was led by new investor Jolimont Global Mining Systems with participation from Rand Capital, and other existing investors including SciAps CEO and Founder Donald Sackett, as well as two additional new investors.
SciAps will use the funds to scale its global sales and marketing operations and to accelerate the development of its product line, which includes its Laser Induced Breakdown Spectroscopy (LIBS) instruments, along with its Raman and near infrared (NIR) spectroscopy instruments.
“Rand Capital was an early investor in SciAps and its support contributed to our ability to grow rapidly in the high performance handheld analytical instruments market in just a few years”, said Donald Sackett, SciAps CEO and Founder. “We appreciate Rand’s participation in this recent round of funding as we look to expand our sales and marketing organisation and further differentiate SciAps in the mining and exploration technology markets. We intend to expand our product line of handheld analytical instruments that give users the ability to identify materials on site and in real time, bypassing the time and expense of sending samples from the field to the lab for analysis.”