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Pajarito Powder nabs six-figure investment from STC.UNM
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On Friday, the STC.UNM Co-investment Fund committee announced funding for Pajarito Powder to continue its commercialization work on UNM technology.
CEO Tom Stephenson said in a news release, "We are delighted to have the participation of the Co-investment Fund in our current round of financing. We feel that the Fund's investment is a strong endorsement of our efforts to commercialize technology licensed from STC.UNM, and the cash will allow us to accelerate that process."
The fund was established by the UNM regents earlier this year as a way to join local investors in supporting companies that are licensing UNM technology. It is administered by STC.UNM. Its requirements include investing only in UNM startup companies, a cap on the investment amount in any one company, investing as a co-investor matched on a one-to-one basis by a venture capital fund or an angel group and review and approval of all investments by a co-investment committee.
STC.UNM CEO and UNM's Chief Economic Development Officer Lisa Kuuttila said the funding will help advance the companies her office is working with.
"We need a stronger investment community to help these companies grow and expand our economy, and we believe that the STC.UNM Co-investment Fund is a significant step in the right direction," Kuuttila said. "We were impressed with the company's progress to date and strong management team, and our assessment is that they are poised to reach their next commercialization goals. We're excited to be a part of that."
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Technology, economic development
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