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LiquidPiston Inc., a Connecticut company working on a fuel-efficient rotary internal combustion engine, has boosted its most recent fundraise from $5 million to $6.5 million, federal documents show.
When the Bloomfield company first filed the original $5 million tranche of its Series B round with the U.S. Securities and Exchange Commission in January, it was predicting a top end of $6.25 million. The newest filing indicates that this additional tranche closes the round at $6.5 million.
While the six investors in the funding round are not named in the SEC filing, LiquidPiston backers have included previous investors Northwater Capital of Canada and Adams Capital Management of Pennsylvania, along with unnamed angel investors. With the addition to a $1.25 million Series A fundraise in July of 2007, LiquidPiston has now brought in approximately $7.75 million in financing.
The company, which was a runner-up in MIT’s $50K business plan competition in 2004, is developing a rotary internal combustion engine based on thermo-dynamics principles that officials say can improve fuel efficiency as much as 250 percent. While LiquidPiston describes its technology as scalable from lawnmowers to locomotives, officials say it has decided to focus on the under-50 horsepower engine market, including portable generators.
In early 2007, LiquidPiston received a $70,000 Phase I grant from the U.S. Army Small Business Innovation Research (SBIR) program. The company recently unveiled its M2.5 engine, which can run on both gasoline and diesel fuel.
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