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. 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.
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.
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.”
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