Updated: Nov 4, 2020
A Daytona Beach-based company collaborating with Orlando-based groups has completed a $2 million investment round, with plans to expand its workforce and grow its customer base.
Sensatek Propulsion Technology Inc. closed its seed funding round in the first week of October, CEO and founder Reamonn Soto told Orlando Business Journal. The company is part of Orlando-based StarterStudio’s seed fund accelerator program, and licenses sensor technology developed at the University of Central Florida.
Sensatek uses the sensors to monitor the temperatures of turbine engines and identify hot spots, which Soto said often cause issues that decrease reliability and increase the need for maintenance. Potential customers include companies which operate large gas turbines, such as Siemens (OTCMKTS: SIEGY) and Mitsubishi Hitachi Power Systems, Soto said. Both companies operate facilities in Central Florida.
Sensatek recently hired a chief technology officer and two engineers, bringing the company’s workforce to seven employees. The company is seeking more talent, including engineers, and Soto hopes to grow Sensatek to about 20 employees during the next 12 months.
Cambridge, Massachusetts-based Rhapsody Venture Partners served as the lead investor in the funding round, and Sensatek also raised funds from Florida-based firms, including Beresford Ventures and AJJ-Jackson Limited Partnership. Orlando-based Florida Angel Nexus helped facilitate in-state investments.
Sensatek’s original seed funding goal was $1.5 million, Soto said, but the company exceeded that thanks to investment help from Florida Angel Nexus and mentorship from StarterStudio. “It takes a village to raise a child. It also takes one to raise a company,” Soto said.