MIOX Corp., a manufacturer of water purification equipment, has received a $16 million investment from new and existing shareholders. The new investors represent over $10 million in a combination of debt and equity. The deal was structured by a special purpose fund, Entrada Ventures LLC, with a lead investment by Flywheel Ventures, a venture capital firm based in Santa Fe, N. M. Additional investors included Altira, a Denver, Colo., based venture capital firm, and a group of private investors. The funds will be used to position MIOX for growth with a focus on developing existing product lines targeted at water treatment, as well as development of new markets and technologies.
As part of the investment MIOX Corp. has named two new executives. Carlos Perea will join as president and CEO and John Gerhart as vice president of operations and COO. Together they bring extensive experience in production, technology development and marketing. They will join Curt Mitchke, vice president of finance and CFO; Rodney Herrington, vice president of research and development; and Katie Bolek, director of marketing, a team with over 30 years of combined experience at MIOX.
“MIOX Corporation is excited by the investment and addition of the new executive team. Carlos and John bring fresh ideas as well as experience and backgrounds that complement the existing management team,” says Curt Mitchke, vice president of finance.
President and CEO Carlos Perea reiterated this sentiment: “We are thrilled to be joining MIOX. It has a proven technology and products that solve the pressing issue of providing safe and affordable water. We are also pleased that the existing management team has welcomed us as new partners.”
Kim Sanchez Rael, a partner of Flywheel Ventures, noted, “MIOX is an excellent example of the type of high quality investments that are possible in New Mexico and the region. Flywheel is impressed by the technology and believes the new management team will be able to achieve significant growth.”
MIOX Corp.’s equipment, which creates a chlorine-based disinfectant on site, eliminates the need to transport and store hazardous disinfection chemicals. The market segment for on-site generation equipment is growing at a faster rate than traditional disinfection technologies, offering significant potential for the new company.
Source: MIOX Corp.
