June 21, 2023
Advantage Capital, a leading impact investment firm, announced today $2.5 million in financing as part of a larger $6 million Series A Round in Exum Instruments Inc., a leading manufacturer of scientific instruments. The financing will provide the company with the necessary resources for planned expansion to keep up with increasing demand of its premier product, the Massbox.
The Massbox, is a first-of-its-kind laser-ablation/laser-ionization mass spectrometer, unlike anything currently on the market. The product innovatively combines a dual-laser system with industry-leading time of flight mass spectrometry to rapidly analyze the chemical composition of solid materials. With this funding, the company plans to double its headcount in Denver’s Sheridan Business Park and increase production capacity with a new facility in Tulsa, Oklahoma. The Massbox will continue addressing the chemical characterization needs of the advanced manufacturing industry while establishing footholds in other sectors like energy.
“This financing is coming at a critical time in our growth trajectory and will help us begin a new chapter in the Exum story,” said Ellen Williams, Chief Development Officer, Exum. “We are excited about the innovative and cutting-edge technology behind the Massbox and we are eager to share it with industrial users.”
Exum’s first sales have been with some of the most respected groups in the scientific community. Most notably, the International Space Station has awarded Exum with a user agreement to adapt the Massbox for a space-based laboratory in partnership with Axiom Space. Axiom is building the world’s first commercial space station and is currently producing the first Axiom Station module that will be docked to the ISS.
“Exum is an exciting company on the forefront of its industry,” said Jeff Gentsch, Venture Partner, Advantage Capital. “It is the type of growth-ready business we look to invest in and I am excited to see it grow and continue to innovate.”
Massbox’s fast, comprehensive analysis capabilities and small footprint poise the product to make waves in the growing advanced manufacturing industry. The company believes that Massbox is ideally suited to gain traction from advanced manufacturing, but their technology can provide value to a range of industries with analytical testing needs.
The financing was made in connection with the Federal New Market Tax Credit (NMTC) Program, which aims to attract investment in low-income communities. By encouraging private investment, the program helps fill the financing gap that exists for many businesses in distressed areas—helping to drive job growth and economic development in the places that need it most.
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About Advantage Capital
Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $3.8 billion in companies from a diverse array of industry sectors and has helped support more than 66,000 jobs. Learn more at advantagecap.com, or via Twitter or LinkedIn.
About Exum Instruments Inc.
Founded in 2017 by Jeffery Williams, Exum Instruments is an independent scientific instrument manufacturer and software developer focused on increasing the speed and development of discovery. The company strives to give scientists the tools they deserve, leveraging new technologies with modern design to change the scientific instrument market. Learn more at www.exuminstruments.com.
Contacts
Advantage Capital
Joe Stosberg, Communications Manager
jstosberg@advantagecap.com
Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.
Any third-party statements herein are by persons other than current clients or investors in any private fund directly or indirectly managed by Advantage Capital, and although Advantage Capital did invest cash funds in Exum Instruments Inc (“Exum”) through the federal New Markets Tax Credit program, Ellen Williams (Exum’s Chief Development Officer) has not received any direct compensation, whether in cash or non-cash form, for the statements or opinions expressed herein. There are no known material conflicts of interest on the part of any third party making or expressing such statements or opinions resulting from such party’s relationship with Advantage Capital or from Advantage Capital’s cash investment in Exum or participation in any federal or state tax credit program.
