Johnson City-based SMTI announces very successful Series A round
Stone Mountain Technologies Inc. (SMTI), a company that we have previously spotlighted in several teknovation.biz articles, has announced that it has closed a multi-million dollar, Series A round with a strategic investor.
According to the announcement courtesy of AccelNow, the capital infusion will allow the start-up to increase development of its ultra-high efficiency space and water heating technology. The private funding supplements a recently announced $2.7 million grant from the U.S. Department of Energy.
“This is a major milestone for SMTI and the result of many years of blood, sweat and tears,” Michael Garrabrant, SMTI’s President and Chief Executive Officer, told us in an email late yesterday. “Globally, most policies have been breaking in our favor over past 18 months, (and we are) planning to be ready for a larger ‘B’ round in 14 to 18 months.”