Mustard Tree Instruments, a two-year-old Research Triangle Park company, announced today that it has raised $4.8 million in its first round of funding.
The company, which last month launched its first device, plans to use the money to expand its sales and marketing and research and development efforts. It also will enable the expanding company to move into larger office and laboratory space, said Lori Searls, marketing director. The sales expansion will include moving into overseas markets.
"We will be hiring numerous people in the next several months," said Searls, who added the company wasn't ready to discuss details. Founded in May 2009, Mustard Tree has 23 full-time employees, a majority of whom are based in RTP.
The company's new Tri-Test 1000 enables drug and chemical manufacturers to verify the composition and quality of powders, solids and liquids throughout the manufacturing process in less than a minute, Searls said.
Food and Drug Administration regulations require pharmaceutical companies to verify the raw materials and finished products are what they're supposed to be, which can be a time-consuming process, she said.
"We have quotes out to numerous companies," Searls said. "The sales cycle can actually take up to six months."
Next month Mustard Tree, which is headquartered on Laboratory Drive in RTP, is moving into a larger space in the building it occupies today. That move will give it 13,000 square feet, more than double its current space.
The company says it is gearing up to launch two additional products in the next 18 months, but isn't disclosing details.
Mustard Tree's new funding came from individual investors that the company isn't identifying.
