On July 3, Associated Material Processing (AMP), a Stillwater-based company founded in 2011, issued $756,667 in a private placement of Series A preferred equity. The Company has the option to call an additional $378,333 of committed capital from the current investor pool upon achieving specified growth milestones. AMP utilizes exclusively licensed technology from Oklahoma State University to manufacture a patent-pending, low-cost media used to remove arsenic from industrial and manufacturing process waste streams and drinking water. The Company will use round proceeds to increase sales and marketing spend, to acquire initial inventory, and to enhance pilot plant equipment
- With this investment, SeedStep Angels surpasses $2,000,000 of total investment capital since group inception!
- Two members from the Tulsa SeedStep Angels, and one member from the Ardmore SeedStep Angels invested in AMP. This marks the fifth time members of different Oklahoma SeedStep chapters have invested in the same deal.
- Co-investors include the i2E StartOK Accelerator Fund (lead investor), Cowboy Technologies, and Cowboy Technology Angels. The deal was sourced from Cowboy Technologies, which seeks to commercialize promising products coming out of Oklahoma State University.
- This is the second round of funding for Associated Material Processing in which members of SeedStep Angels have participated. One SeedStep member invested $25,000 as part of a $250,000 funding round (led by i2E’s Concept Fund) that closed in 2012.
- This round is the sixth instance of SeedStep Angels co-investing with one of i2E’s Accelerate Oklahoma! funds. Members of SeedStep Angels have leveraged over $1,900,000 of Accelerate Oklahoma! funding since 2011.
- One of the three SeedStep Angels investors in AMP is making his first investment since joining the group.
- The investment represents SeedStep Angels’ fourth new investment of calendar year 2013. Approximately $700,000 has been invested by the group in six companies this year.
Please feel free to contact anyone listed below if you have any questions regarding this transaction:
|David Thomison:||Senior Vice President, Client Services Group||918-877-0457|
|Tom Francis:||Director of Funds Administration||405-813-2410|
|Kenneth Knoll:||Director, Advisory Services & Venture Advisor||405-813-2427|
|Michael Kindrat-Pratt:||Manager, SeedStep Angels & Venture Advisor||405-813-2418|
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