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Venture Capital News: Triton Systems Receives Funding

2013-07-18
CHELMSFORD, MA, Triton Systems announced that their Composites Division, together with their partner, Specialty Materials, Inc. (SMI) of Lowell, are the recipients of MassVentures 2013 START Stage I Funding.
Triton Systems, Inc. (Triton) of Chelmsford, MA announced that their Composites Division, together with their partner, Specialty Materials, Inc. (SMI) of Lowell, are the recipients of MassVentures 2013 START Stage I Funding for their FRA Composites™ technology. The START grant is given to Massachusetts-based companies with unique product offerings who want to expand their manufacturing base in Massachusetts. FRA Composites™ (patent pending) is a new, alternative composite material ideal for use in manufacturing internal combustion engine components. Due to its high temperature strength, light weight and wear resistance, FRA Composites™ enables increased engine efficiency - further reducing emissions and fuel consumption.

Triton's FRA Composites™ material (developed under Small Business Innovation Research (SBIR) funding), offers a higher performance alternative to traditional steel and aluminum for use in products such as pump and actuator housings, bushings, wear inserts, internal combustion engine parts, high temperature heat exchangers and bearing liners.

The funds enable Triton and SMI to build internal combustion engine prototype parts for evaluation by various engine OEMs. Triton and SMI have formed a partnership in the manufacturing of FRA Composites™ parts - and are building a high volume production facility in Lowell, MA.

'We're very thankful to MassVentures for this recognition,' said Ross Haghighat, President and CEO of Triton. 'MassVentures recognizes that FRA Composites™ products can offer a modest performance boost to various end users spanning combustion engines, as well as defense and aerospace applications. With the continued commercialization of this technology, we believe we can create as many as 25 high quality manufacturing jobs in Massachusetts over the next few years.'

Triton and SMI will transition the FRA™ fabrication from their current pilot facility in Chelmsford to a high volume production when their FRA Composites™ plant is online in late 2013. For more information on FRA Composites™ see http://www.specmaterials.com/fra.html.

About MassVentures (http://mass-ventures.com)

MassVentures meets critical capital needs in the Massachusetts innovation economy, providing seed and early-stage venture funding to high growth startups as they move from concept to commercialization. The Boston-based venture firm was formed in 1978 as a quasi-public corporation by the Legislature of the Commonwealth of Massachusetts, governed by an independent Board of Directors, and managed by experienced venture capitalists. Leveraging the entrepreneurial spirit, educated workforce, and centers of innovation in Massachusetts, MassVentures has a track record of success with early-stage ventures.

About Specialty Materials (www.specmaterials.com)

Specialty Materials, Inc. (SMI) has produced advanced fibers and materials for the aerospace, defense, energy and industrial segments for the advanced materials and composites industry for more than 35 years. Formerly owned and operated by Textron Systems (a.k.a. AVCO), SMI is now a privately-owned company that continues to be headquartered in Lowell, Massachusetts, USA.

About Triton Systems, Inc. (Triton) (www.tritonsystems.com)

Triton Systems, Inc. (Triton) is an advanced materials, coatings and systems engineering product development firm headquartered near Boston, Massachusetts. Triton selectively combines US Government funds with private equity investments to transition ideas to the marketplace. Founded in 1992, Triton, along with its affiliates, has two locations in Massachusetts, a R&D and manufacturing facility in Fargo, North Dakota, a life science group in Berkeley, California, and a manufacturing site in Domat-EMS, Switzerland.
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