Tag » SOMS Technologies

Quiet Quarter Reported for VC Finance

SOMS Technologies has worked with Advantage Capital Partners for two years through the state’s CAPCO program:

The second quarter was a quiet one for venture capital finance in Westchester, with only several companies reported as tapping into $4.58 million in funding.

More than half of it, $2.65 million, was raised by a single company – SOMS Technologies L.L.C. of Valhalla, according to the quarterly MoneyTree Report released by PricewaterhouseCoopers and the National Venture Capital Association, using data from ThomsonReuters.

SOMS Technologies raised the $2.65 million in a Series A venture round co-led by Advantage Capital Partners and Rand Capital Corp., with several individual investors.

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Advantage Capital Funds Cleantech Manufacturer in New York

SOMS Technologies received funding from Advantage Capital Partners through the New York CAPCO Program:

Advantage Capital Partners, a leading venture capital and small business finance firm, has made an investment in SOMS Technologies LLC, the manufacturer of the microGreen(tm) vehicle engine oil filter. The microGreen filter is a “green” product that utilizes a patented filter technology designed to keep engine oil cleaner, extending the oil life up to 30,000 miles. The funding will be used to support the company’s continued growth.

“This financing comes at a crucial time, as we prepare to expand our marketing and sales efforts,” said Miles Flamenbaum, CEO of SOMS Technologies. “Advantage Capital’s investment will enable our company to continue to grow, helping more customers save time and money on their oil changes. Our microGreen oil filter helps customers protect the environment by reducing oil consumption and the generation of hazardous waste.”

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