SciAps, Inc. announced the successful closing of its $1 million debt offering which was subscribed in full by Enhanced Capital Wyoming Fund. The fund is managed by Enhanced Capital a firm focusing on small local businesses that are underserved by traditional financing sources. The firm manages a host of funds on behalf of states’ business councils and their respective small business investment credit (SBIC) programs. Concurrent to the debt financing the company announced a second close of its $4 million class B financing round which launched in February and now raised $2.8 million. The lead investors in this equity round are Rand Capital and Coastal Ventures with some additional tag along investment by the company’s founders.
The company designs and manufactures portable analytical instruments, specifically spectrometers. SciAps’ goal is to provide durable, field-tested, portable instruments to identify any compound, any mineral, any element, anywhere. The company’s flagship product is a raman spectrometer which enables users to analyze compounds through packaging. Spectroscopy is the observation of vibrational, rotational, and other low-frequency modes in a system, the interaction with a laser light and shift in energy gives crucial information about a compound.
SciAps, headquartered in Woburn MA, was founded in April 2012 by Donald W. Sackett (CEO and founder) and Gary A. Lortie (CFO).