The Eastern New York Angels (ENYA) are investing another $250,000 in ThermoAura, a thermoelectrics startup company based in Colonie, New York. This makes their total investment in the startup reach the half million mark.
This latest investment will enable the company to get into full production mode. Currently, they are raising between $1M and $1.5M to ensure efficient cash flow for their business.
ENYA is a network of angel investors, managed by Dick Frederick and Joe Richardson, that finances and mentors startup tech companies within a 75 mile radius of Albany, New York. The network usually invests anywhere between $50,000 and $250,000 in each company.
ThermoAura is an early-stage company that manufactures thermoelectric material used in smart heating and cooling. The materials are produced through a chemical process where chemicals are turned into nanoparticles by heating them in a microwave. These nanomaterials can be produced in either powder form, ingot or wafer. Richardson said that the investors are very excited with the exceptional work that the company is doing.
ThermoAura is led by Rutvik Mehta. Rutvik had earlier said that they are aiming at scaling up their business production which why the funding is so crucial. Besides ENYA, other groups that have invested in the startup include the New York State Energy Research and Development Authority as well as the National Science Foundation.
During the first funding round, ENYA raised $1.4 million which they invested in seven different firms. Currently, the angel investment network is working on its second funding round, which has raised about $2.38 million from 45 investors.
ENYA comprises of serial entrepreneurs, lawyers, CPA, and other businesspersons who are accredited investors. Members of the network meet every few months to interview potential startups and vote on which firms to invest in. The network is aiming at supporting more startups and creating a solid entrepreneurial culture within Albany area.