FOR IMMEDIATE RELEASE
Nancy Kinnally, Public Relations Consultant
ORLANDO, Fla. October 9, 2019 – As it closes on Seed Series investment of $2 million, Daytona Beach-based Sensatek Propulsion Technology has received $100,000 in new funding from StarterStudio, making it the first startup to receive the Central Florida startup hub’s maximum seed funding of $225,000.
The lead investor in Sensatek’s latest funding round is Rhapsody Venture Partners, based in Cambridge, Mass. Florida investors that have bet on Sensatek’s potential include Beresford Ventures, AJJ-Jackson Limited Partnership, and Arctic Champion LLC, whose investments were all facilitated with the help of the Florida Angel Nexus.
“While our seed fund accelerator companies all have access to $25,000, only companies that have met strict benchmarks can tap into larger investments from our evergreen seed fund,” said StarterStudio Executive Director Donna Mackenzie. “Sensatek is the first to achieve all the benchmarks necessary to receive additional investments totaling $200,000. The final $100,000 in funding is reserved for companies that reach Series funding of $1 million or more. We’re excited to see them reach this stage.”
Founded by Embry-Riddle Aeronautical University alumnus Reamonn Soto, Sensatek recently received a grant of nearly $750,000 from the National Science Foundation, bringing its total funding from all sources to more than $3.5 million, including StarterStudio’s funding.
While the funding is vital, Soto said StarterStudio’s role in the company’s growth and development goes well beyond the dollars invested.
“The StarterStudio Seed Fund Accelerator provided the curriculum, mentorship, and helped establish key metrics that transformed me from not only a founder, but also a CEO,” Soto said.
Based at Embry-Riddle’s Research Park, Sensatek licenses patented wireless sensor technology developed at the University of Central Florida that increases the efficiency, improves the operational reliability and reduces the pollution of turbines, rockets, and fuel cells by precisely monitoring and modifying temperatures within their harsh environments.
Damage from undetected hot spots in turbine engines is a common industry problem resulting in expensive repairs, maintenance, and unplanned downtime. Sensatek’s technology measures the health of gas turbines, prevents failures, and optimizes engine performance, thereby lowering industry costs to the tune of millions of dollars.
“Sensatek Propulsion Technology is a perfect example of how Embry-Riddle’s Research Park, in partnership with local, state, federal and private supporters, drives innovation and creates high-paying jobs in Volusia County,” said Rodney Cruise, the University’s senior vice president for administration and planning. “Reamonn Soto’s business vision and StarterStudio’s strategic investment in his continued success will help fuel economic progress for Central Florida.”
StarterStudio is a pioneering hub for innovative and tech-enabled entrepreneurs that empowers and provides resources for entrepreneurs, creatives, and innovators to begin, grow, and flourish in Florida. Through community education programs, accelerators, funding, and collaborative workspaces, StarterStudio fosters a community—serving as a platform for the ideas of the future. For more information about StarterStudio, visit www.starterstudio.org. StarterStudio is a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code. Per the IRS, bequests, devises, transfers, and gifts to the fund are tax deductible.
About Sensatek Propulsion Technology
Based at the Embry-Riddle Aeronautical University Research Park, Sensatek Propulsion Technology develops wireless sensors that measure firing temperature to help gas turbine engine operators save costs by extending maintenance intervals.