NTT Electronics, a Japan-based hardware company, has helped Picarro, a California-based developer of air quality measuring and maintenance instruments, raise $7m
NTT was joined in the Series D round by venture firm Focus Ventures, which led the round, as well as venture firm DAG Ventures, and China-based healthcare PE investment fund Mingxin China Growth Fund.
Picarro chief executive Michael Woelk said: “By focusing on building out a powerful yet simple analytical platform for a broad array of applications for carbon cycle and water cycle science, Picarro has emerged as a profitable and growing scientific instrument company in just a few years.
Woelk added: “We plan to continue to expand into industrial compliance markets by providing fully integrated solutions for industry, regulators and other market stakeholders to validate claims, maintain compliance and ensure public safety. The expertise and resources of the new and existing investors we’ve assembled in our Series D financing will help us further scale our efforts to put the power of world-class scientific measurements into the hands of just about anyone.”
Picarro’s products are used by leading scientists and engineers globally. Their precise greenhouse gas measurement instruments were designated as the global gold standard by the World Meteorological Organization. Their customers include the world’s leading universities, as well as many government and environmental protection agencies.
Picarro raised a $15m Series C investment in 2005 led by Duff Ackerman & Goodrich, of which DAG Ventures is an offshoot, with participation by venture firms Benchmark Capital, Greylock Partners and Skymoon Ventures.
Picarro raised a further $22m Series B investment in 2002 led by Benchmark, and joined in participation by Greylock, SkyMoon, Staenberg Venture Partners, and Weston Presidio Capital.