Picarro Raises $7m

Picarro, a Santa Clara, Calif.-based developer of instruments for measuring air quality, has raised a $7 million Series D round led by Focus Ventures and joined by DAG Ventures, NTT Electronics and Mingxin China Growht Fund. The announcement is below:

Picarro Secures $7 Million Round of Investment from Leading Venture and Strategic Investors

New and Previous Investors Contribute to Up-Round Investment in the World’s Most Powerful Platform for Greenhouse Gas and Stable Isotope Analysis

Santa Clara, Calif.—July 25, 2012 — Picarro, Inc. today announced that it has secured a round of Series D equity financing led by Focus Ventures and joined by DAG Ventures, NTT Electronics and Mingxin China Growth Fund. The new round of investment will help Picarro expand its profile globally and within the commercial and industrial emissions sector through continued innovation and expanded sales and marketing programs.

“By focusing on building out of 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,” said Michael Woelk, CEO of Picarro. “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 is the world’s leading manufacturer of instruments for greenhouse gas and stable isotope applications. The company’s technology is ushering in an era of environmental and industrial transparency by enabling government agencies, regulators, commercial and industrial customers, and the scientific community to accurately and easily monitor and measure industrial pollution, greenhouse gas emissions and natural gas leaks.

“Picarro has done a phenomenal job of preparing to drive a portfolio of scientific innovations into a diverse set of commercial applications for introducing transparency into several large markets including energy, food and beverage, and potentially even carbon trading,” said Jim Boettcher, General Partner at Focus Ventures. “We believe that this technical depth and application breadth will serve Picarro well as it focuses even more on industrial emissions and regulatory compliance, and expands globally. We look forward to leveraging our expertise and network to help Picarro reach its full potential.”

“Picarro has managed to maintain its position as the pre-eminent provider of world-class scientific instrumentation while delivering the ease-of-use that makes it possible for almost anyone to take accurate emissions measurements that pose environmental, safety, brand or regulatory risk,” said John Cadeddu, Partner at DAG Ventures. “As more and more corporations come to understand the power of the Picarro platform, there will be some sleepless nights worrying about competitors, regulators and NGOs testing the validity of their claims. Picarro is single handedly driving the next evolutionary leap in corporate social responsibility and regulatory compliance; and at the end of this story, the good guys win!”

Picarro’s products are used by thousands of scientists, engineers and operators in 60 countries on all seven continents. The company’s high precision greenhouse gas measurement instruments have been designated by the World Meteorological Organization as the global gold standard. Customers include leading research institutions (Harvard University, Stanford University, Oxford University, the LSCE and Beijing University), leading government agencies (the China Meteorological Agency, the National Oceanic and Atmospheric Administration and the environmental protection agencies of the U.S., Germany, Canada, Ireland and Switzerland), and national and multi-national corporations (EADS Astrium, Eli Lilly, PG&E, Waste Management, Inc. and Rio Tinto Alcan).

About Picarro, Inc.
Picarro, Inc. is the world’s leading producer of greenhouse gas and optical stable isotope measurement instruments, which are used in a wide variety of scientific and industrial applications, including: atmospheric science, air quality, greenhouse gas measurements, gas leak detection, food safety, hydrology, ecology and more. Deployed in places as diverse as the Greenland Ice Cap, airplanes in the Arctic, glacial rivers in Xinjiang, China, and the gas leak detection vehicles of major U.S. utilities, Picarro’s solutions are unparalleled in their precision, ease of use, portability and reliability. The company’s products are all designed and manufactured at Picarro’s Santa Clara, California headquarters and exported to countries worldwide. Picarro’s products are based on dozens of patents related to cavity ring-down spectroscopy (CRDS) technology. Investors include Benchmark Capital, DAG Ventures, Focus Ventures, Greylock Partners, NTT Electronics Corporation and Mingxin China Growth Fund.