New World Angels (NWA), Florida’s premier structured angel investor group, announced today it has invested $1,267,500 into the planned $1.6MM Series A round of Miami-based Source Molecular with the Company’s management and prior investors investing the balance to close the round. Source Molecular is a contract laboratory using DNA techniques in conjunction with EPA-developed IP to identify the species of origin in water sources contaminated with coliform bacteria. The Series A funds will be used to develop new product offerings including self-test kits, project modeling software as well as expand global marketing efforts.
Fecal waste pollution represents the largest market opportunity within water quality issues. Over 10,000 waterbodies are listed by the U.S. EPA as impaired with fecal (pathogenic) pollution with additional waterbodies added each year. The environmental testing market for microbiological contaminants was valued at $1.4 billion in 2013 and is projected to reach over $2.0 billion by 2019. Source Molecular seeks to expand on its established base of state and federal oversight agencies, water utilities responsible for both drinking water supplies and managing sewage systems, conservation groups looking to determine the responsibility of watershed polluters, large animal feed organizations, and storm-water management divisions of commercial enterprises.
Thierry Tamers founded Source Molecular in 2002 and remains its chairman. Thierry holds a B.Sc. in Finance from the University of Florida. In 2012, Mauricio Larenas, who joined Source Molecular as COO and now holds the position of CEO, and Mr. Tamers developed the current genetic testing products that form the cornerstone of today’s revenue and growth potential.