Canadian startup, ColdBlock Technologies Inc. (ColdBlock), inventor of the innovative sample digestion technology that delivers a new performance standard for laboratories serving the environmental, metals and alloys, mining, food and agriculture, and pharmaceuticals industries, today announced it has completed a $1.5 million Series A round of financing.
Image Credit: ColdBlock Technologies Inc.
ColdBlock’s financing results from investments by the Province of Ontario through OCE, istarthub, and the Angel Investors Ontario*. The completion of Series A brings ColdBlock’s total funding since it launched in March 2015, to $3.5 million and will help the company accelerate development of its Generation-3 System with automation and aggressively scale up its overseas market growth. Istarthub’s Thomas Wong and Peterborough Angels’ Terry Windrem have joined ColdBlock’s Board of Directors.
Key Facts
Series A funding breakout:
- Province of Ontario, through OCE: $250,000
- istarthub: $250,000
- Ontario Angel Network*: $763,626
- ColdBlock Founders: $236,374
ColdBlock’s Generation-3 product line with automation will deliver the following significant benefits to laboratories that perform sample digestion processes:
- Unmatched sample throughput with automation
- Substantial cost reduction in sample preparation
- Elevated workplace safety by reducing the need for and exposure to harmful reagents
- Elevated productivity and efficiency
Additional Benefits for Gold Analysis:
- Elimination of lead waste
- No lead exposure to employees
ColdBlock Technologies is collaborating with Amira Global and Questron Technologies to deliver its Generation-3 system with automation to the global market. Based on the success of Amira Project P1196, ColdBlock and Amira are working to unveil Amira Project P1196A that will investigate the next generation ColdBlock™ Digestion technology.
Strategic Partnerships:
- With leading distributors, ColdBlock is available in North America, South America, Central America, Mexico, Europe, Asia/South-East Asia, Australia, New Zealand, India, Pakistan, Middle East, and Africa.
Quotes:
“Our fundraising success will accelerate the development of our Generation-3 products to satisfy the automation needs of laboratories.” said Nick Kuryluk, CEO, ColdBlock Technologies. “There’s a rapidly increasing demand for our digestion technology in labs serving metals and alloys, mining, food and agriculture, and pharmaceuticals industries. The new funding allows us to expand our product line to address the market’s need for sustainability and to grow our reach into new territories.”
Nick Kuryluk, CEO of ColdBlock Technologies Inc.
Dr. Claudia Krywiak, President and CEO of OCE said, “OCE is proud to recognize this significant milestone for ColdBlock Technologies as they once again showcase that Ontario innovators are developing the new technologies locally that can transform industries globally,” said Dr. Claudia Krywiak, President and CEO of OCE. “By developing faster, safer and more precise analysis of samples in laboratory settings, ColdBlock is supporting the Province of Ontario’s vision for Made-in-Ontario solutions that benefit industries across broad sectors, including mining, pharmaceuticals, food and agriculture.”
Source: ColdBlock Technologies Inc.