Senscient, Inc. has won significant investment in the global deployment of multi-gas detection systems. The latest additional funds accompany an already strong financial foundation.
The technology that has won significant attention and indeed funds, detects combustible and toxic gases and promises to increase the level of safety at industrial sites. Lime Rock Partners, a global energy-focused private equity firm, led the Series C investment round and was joined by existing investors Emerald Technology Ventures and Yellowstone Energy Ventures.
Senscient's patented Enhanced Laser Diode Spectroscopy (ELDS TM) is the first multi-gas Open Path Gas Detection system capable of detecting both combustible and toxic gases, simultaneously and independently, with sensitivity, minimal maintenance, and false alarm free operation.
Rajat Barua, Vice President of Lime Rock Partners explained the investment rationale, he said, “Senscient offers a very compelling value proposition to its customers. ELDS systems are fast, reliable, sensitive, simple to install and result in significant savings in total cost of operation.”
Barua continued, “The technology is unique, qualified by major customers and certified in key international markets. We have been very impressed by the high caliber team of employees at Senscient and look forward to working closely with the company to implement strategies that will accelerate growth."
Senscient’s ELDS systems are currently in use at facilities across the globe, including the United States, Canada, Brazil, China, France, India, Germany, and Norway.
Richard Giffhorn, CEO of Senscient explained the importance of this recent round of investment, "Working with our major investors, Lime Rock, Emerald Ventures and Yellowstone Energy Ventures, we expect to achieve new levels of business performance by expanding our technology offering, increasing our manufacturing capabilities and developing new market opportunities from expansion of our sales organisation."