InnovAlarm™ Secures Additional Funding with $4 Million Series B Investment
Latest Round of Funding Reflects Growing Momentum for New Alarming Technology Company
InnovAlarm. March 13, 2008
Oklahoma City, Okla. – InnovAlarm™, a developer of an innovative, patented alarming technology designed to improve fire safety for those who are most at risk, announces it has secured $4 million in Series B funding to support the launch of the company into targeted markets. This is the second round of investment funding for InnovAlarm, which received a $2.5 million Series A investment in 2007, bringing InnovAlarm’s total raised capital to $6.5 million.
Participation in the Series B investments includes several leading venture capital fund partners including BioVentures, Larry Johnston Trust, McClendon Venture Company, Mesa Oklahoma Growth Fund I, Oklahoma Equity Partners, Oklahoma Life Sciences Fund II, the Oklahoma Seed Capital Fund, Tercet Partners and the TLW Venture Company. BioVentures, McClendon Venture Company, TLW Venture Company and Tercet Partners also participated in the Series A funding round. All investment partners except the Larry Johnston Trust are based in Oklahoma.
“This funding allows us to accelerate the development and distribution of our life-saving alarm products and represents the growing interest in InnovAlarm technological advances,” said Mark Colello, CEO, InnovAlarm. “Our technology reduces the risk of children, young adults and senior citizens from suffering fire-related injuries or death because existing alarm technology may fail to wake them in an emergency.”
Technology More Effective at Wakening Risk Groups
David E. Albert, M.D., developer of the InnovAlarm technology, explains that while smoke and carbon monoxide (CO) alarms work well for detection, senior citizens, people with hearing loss, young children and adolescents, and individuals with intoxicants in their system can’t hear the current installed smoke alarms sufficiently well to wake up in an emergency, according to recent studies commissioned by the Fire Protection Research Foundation and the U.S. Fire Administration. InnovAlarm wirelessly connects to existing alarms, “listens” for standard smoke and CO tones, and emits an alarm sound that is in a lower frequency range that individuals in these at-risk categories will respond to.
According to William Paiva, Ph.D., of the Oklahoma Life Sciences Fund II, “We’re excited to be part of this groundbreaking, new technology, and we’ve been impressed with Mark Colello’s management experience at First Alert and the company founder David Albert’s strong track record of transforming innovative new technologies into profitable ventures for investment professionals.” Dr. Paiva, along with Doug Frans of the Mesa Oklahoma Growth Fund I, serve on the InnovAlarm Board of Directors.
“Mesa Capital is pleased to be a shareholder in the development of InnovAlarm,” adds Frans. “The need for InnovAlarm products is obvious, and we believe the company’s patented technology positions the company for rapid growth in addressing this need.”
InnovAlarm, with headquarters in Oklahoma City, Okla., designs, develops and distributes the industry’s first patented alarm technology demonstrated to be more effective in wakening at-risk groups who may be unable to sufficiently hear standard, high-pitched alarms that are installed in every home, living quarters, and commercial building. This life-saving technology is designed to work wirelessly with all UL-approved smoke and CO alarms. A phased rollout of the product is planned with availability expected in early 2009.