Published Dec. 18, 2012
Individuals from the Midlands joined UCAN in the investment. Names of investors and the amount of funding could not be released, said Matt Dunbar, UCAN’s managing director.
Proceeds from the initial financing will be used to hire technical personnel and to support sales and marketing activities. Cirtemo has not begun manufacturing products.
Cirtemo developed patented optical filters that are used to detect or measure complex chemical compounds and attributes. The company’s product enables optical systems to perform high-value detection and analysis at the speed of light. Cirtemo will market to a variety of industries, including life sciences, chemicals, medical devices, agriculture, and food and beverage, among others.
“Most people do not realize that optical filters — which are embedded in to optical systems — are everywhere,” Founder Jason Williamson said in a news release. “From breathalyzers and industrial sensors to medical devices and onboard fuel analyzers for automobiles and aircrafts, optical filters are used in a variety of industries that touch our lives every day.”
Williamson founded a company called Ometric in 2005 that he sold to Halliburton in 2011 for an undisclosed sum. Both Ometric and Cirtemo stem from patented research by Michael Myrick of the University of South Carolina.
“Cirtemo has a very strong intellectual property portfolio of over 40 patents,” Dunbar said. “The company is addressing large, growing, global markets and most importantly, has a strong management team with a proven track record of successfully commercializing the multivariate optical element platform.”
UCAN is a group of accredited investors located in the Upstate who support startup and early-stage, high-growth businesses in the Southeast. Since its inception in 2008, UCAN has invested $6.5 million in 24 companies.