Innova Dynamics, the advanced materials spinout from the University of Pennsylvania, will likely tap investors for a Series B sometimes in coming year, company CEO and co-founder Alexander Mittal tells G.E.R.
Mittal said the amount is still not settled but would likely be more than the $5.5 million raised as par of the Series A financing round announced yesterday and led by Rho Ventures. MentorTech Ventures also participated in the financing. Innova plans to use the proceeds from the Series A to hire new employees and scale and commercialize its flagship Innlay technology.
Innova’s Innlay technology can be used across various industries, including cleantech. Specifically, it can improve the efficiency of solar photovoltaic panels as well as fuel cells membranes.