Visualant Closes $5M Funding Round
SEATTLE, June 14, 2013 — Light-based identification and diagnostics solutions provider Visualant Inc. has completed a funding round in excess of $5 million led by Special Situations Technology Funds of New York.
Founder and CEO Ron Erickson said that, with this funding, Visualant has strengthened its balance sheet, completed the purchase of its TransTech subsidiary and obtained working capital to support the commercialization of its ChromaID technology, which collects light patterns using a panel of LEDs to authenticate and diagnose substances.
The funds also will be used to scale manufacturing of its ChromaID F12 scanner lab kits as well as to build specialized ChromaID products for the development of new devices and applications in the health, security and environment sectors.
Earlier this week, Visualant announced that it had entered the Qualcomm Tricorder X Prize competition. The company currently is developing a portable wireless device using its ChromaID technology to monitor and diagnose a range of health conditions. (See: Visualant Enters $10M Qualcomm Tricorder X Prize Competition)
For more information, visit: www.visualant.net