Monday, March 21, 2011

Rypos racks up $3M in Series B funding

By Rodney H. Brown

Rypos Inc. of Holliston, makers of filter technology for reducing diesel vehicle emissions, has taken in $3.15 million of a planned $3.5 million Series B funding round, according to federal documents.

In its filing with the U.S. Securities and Exchange Commission, Rypos stated it would use the new funds for normal business purposes. No specific backers in the 13 participants were identified, but previously the company named Los Angeles cleantech investor Craton Equity Partners as an investor in its $8 million Series A round, announced in October of 2009.

Rypos was founded in 1997 and spent almost eight years developing its technology, not recording any revenue from sales until 2007. The company’s filters range in price from $4,000 for a truck filter to more than $100,000 for a filter attached to a large generator. Rypos primarily targets transport refrigeration units and diesel generators, and the bulk of the company’s sales come from California, officials have said.

In February of 2010, Rypos picked as its new CFO technology veteran Don Simoneau, formerly senior vice president of operations for cyber security firm Industrial Defender Inc. and whose career path goes back to Apollo Computer.