TORRANCE, Calif., Feb. 05, 2019 (GLOBE NEWSWIRE) — Transient Plasma Systems Inc. (TPS), which develops and markets nanosecond pulsed power systems that unlock the potential of low-temperature plasma to be used in a variety of applications, today announced that it has completed an $8.5 million Series A funding round from Kairos Ventures.
This financing will enable the company to make immediate investments to expand the TPS infrastructure to pursue emerging opportunities including ignition of advanced high-efficiency combustion engines, emissions reduction, and industrial plasma processing, and position itself for future growth. The build-up includes investment in the core team, manufacturing base and intellectual property. The Series A follows a $1.5 million seed investment from Kairos Ventures, bringing the total investment from Kairos to $10 million. As part of the investment, James Demetriades, CEO of Kairos Ventures, will join the company’s board of directors.
“We are very excited to be working with Kairos Ventures. The Series A round builds on the success of the seed investment, which saw key technology development, the establishment of new markets, and growing revenue. With Kairos, TPS is committed to the development of creative, nanosecond pulsed power solutions and low-temperature plasma to solve real-world problems facing society and industries across the world. TPS technology will improve human and environmental health, and open new pathways to innovation, helping to resolve conflict between industrial production and its ecological impact,” said Dr. Dan Singleton, CEO and co-founder of TPS.
“TPS continues to successfully execute on its vision to develop commercial nanosecond pulsed power systems that will provide capabilities to a variety of industries,” said Demetriades. “I am particularly excited about the impact that TPS technology will make in the automobile industry and the dramatic engine efficiency gains TPS can enable.”