The new infusion of capital will be used to accelerate time-to-market initiatives and stimulate revenue growth.
The funding will also be used to secure strategic partners and international distributors serving the mining, oil & gas, heavy construction, trucking and transit, marine and manufacturing market sectors.
FilterMag has put new management in place by appointing Silicon Valley entrepreneur and investor Herbert J Martin as its CEO. Martin, who has broad experience growing start-up and mid-cap companies, has served as CEO of a number of successful venture-back private companies including Mercator, which was sold to Onyx Systems; Wollongong, which was bought by Attachmate; and Salira Optical Network Systems, which was acquired by Hitachi Data Systems.
Scottsdale, Arizona-headquartered FilterMag is a global provider of magnetic filtration solutions that improve the life expectancy, system reliability and uptime of strategic capital equipment assets while lowering operating costs. The company’s patented FilterMag product family uses custom-designed, heat resistant Neodymium alloy magnets that are mathematically optimized and magnetically modelled for specific applications to substantially reduce the presence of harmful particles from oil, hydraulic and fuel systems.
“What’s remarkable about our value proposition is that a single FilterMag, that snaps on to oil, hydraulic and/or fuel filters in 60 seconds, can have a profound impact on extending the lifespan of crucial equipment used across a wide range of industrial markets,” said Martin. “The utter simplicity of our solution is matched by the application-specific magnetic modeling built in to every FilterMag. While magnetic filtration is not a new technology per se, our non-invasive and patented approach to contaminant removal - using the world’s most powerful rare earth magnets – is redefining this space. The bottom line is that paper, bypass and centrifugal filtration alternatives cannot compete with our results.”
FilterMag has recently added a global mining company as its latest customer, delivering products for haul trucks, drills, bulldozers and graders at multiple sites in the US, Brazil, Australia and Indonesia. This adds to FilterMag’s successful installations in land and sea-based drilling platforms, mud pumps, top drives and generator sets across multiple oil and gas locations as well as thousands of installations in oil and natural gas distribution systems.
