A team of Pillsbury lawyers led by Corporate and M&A partner Steven Meltzer in Northern Virginia represented Micronic Technologies in the finalization of its Series Seed investment round, totaling more than $3 million.
Located in a Southwest Virginia Opportunity Zone, Micronic Technologies is the developer of Tornadic One-Pass™ (TOP™), a new industrial wastewater concentration technology. In one pass and using no membranes, no filters, and no chemicals, TOP™ removes virtually all contaminants from practically any source water approaching 100% water reuse or zero liquid discharge.
The Pearl Fund, one of the top 10 OZ funds in the country (Forbes) which invests solely in high-potential, early-stage Opportunity Zone businesses, led the Series Seed Investment round. The Center for Innovation Technology (CIT), named Virginia’s most active investor for the past six years by CBINSIGHTS, and CAV Angels, a University of Virginia alumni investor group, invested as well.
“With grants and investment totaling over $7 million, our technology is ready to go to market,” Micronic CEO Karen Sorber said. “EPA is accepting our pre-production unit in 2021 for a full test program to be followed by our first sale in the cheese industry. Southwest Virginia is an awesome place to grow a business. The quality of life is amazing, and the workforce is excellent!”
In addition to Meltzer, the Pillsbury team included Tom Cho, Ian Carlin, Desiré Castillo, and Tom Morton.