Source Molecular Corporation will be expanding its test services, products, and data analysis and project platform. The expansion follows the $1.6 million in Series A round of funding it received in early July.
“The laboratory plans to create an ecosystem that serves the broadest range of potential users of environmental genetic services,” according to Chief Executive Officer Mauricio Larenas.
Source Molecular received a $1,267,500 investment from New World Angels. NWA is a group of private investors that provides equity capital to early-stage entrepreneurial companies in Florida. Source Molecular’s management and prior investors produced the balance to close the $1.6 million round.
Founder Thierry Tamers and Mr. Larenas said they are happy with the confidence and support given by the new investors. They had built Source Molecular into the leading Microbial Source Tracking firm in the world. The company has achieved unprecedented brand recognition for its innovative laboratory and customer service since it started in 2002.
“Source Molecular will use many of the competitive advantages it has gained with microbial source tracking to strengthen its entry into other laboratory services such as Nitrogen Source Tracking, Harmful Algal Bloom, and Invasive Species,” Mr. Larenas related. The company is also developing an exclusive field collection kit that eliminates the need for sample refrigeration and overnight shipping. This will result in thousands of dollars in savings for its clients.
Source Molecular provides MST analysis to state and federal oversight agencies, water utilities, conservation groups, and industrial and commercial facilities with stormwater permits. Mr. Larenas said the added investment will help the company reach more stakeholders and assist them in solving their water quality problems.
Source Molecular will increase its sales force to complement the improvement of its services and development of new products. It will also expand their laboratory team to increase productivity and generate income through the application to research grants.