American Innovative Research Completes Early Venture Financing
Boston, MA – Capstone Partners LLC, a national investment banking firm, announced that its client, American Innovative Research Corporation (AIR) has completed an early round of venture financing supported by a group of private investors. The financing will support the rapidly approaching commercialization of AIR’s flagship product, the I Con. The I Con, a revolutionary portable air purification unit for use in the home healthcare, commercial and residential applications, is expected to be introduced to the marketplace by the end of 2009. Capstone is presently serving as AIR’s investment banking advisor to help support the company’s direction and explore various strategic alternatives.
American Innovative Research Corporation ( AIR), located in Andover, MA, was founded by two accomplished technology entrepreneurs, David Palmer and Judith Piscione. Prior to starting A.I.R., David and Judith founded Progressive Technologies, Inc. (PTI) which was ultimately acquired by Brooks Automation (NASDAQ: BRKS) in 2001. After the transaction, David and Judith focused their expertise on AIR, a company dedicated to the development of advanced technology for use in household air containment, purification and protection. Relative to the broader and expansive North American air purification market, AIR plans to initially target the $5 billion home healthcare segment specifically comprised of 8.8 million chemotherapy patients.
About the I Con Product – As the first portable air sterilization product to utilize clean room technology and design specifications, the I Con will be the only product available that is capable of providing hospital-equivalent air quality to the home. Management believes that once I Con reaches the market, there will be no comparable product capable of delivering comparable functionality and results. The product will be clearly differentiated based on several key factors, including: (1) the product’s overall portability; (2) the ability to create a sterile isolation or containment room with one product; (3) the utilization of automatic pressure differentials; and (4) the use of laminar air flow and UV technologies to provide a far superior pathogen kill rate in excess of 99%.