Tuesday, April 1, 2008

Novinium Raises $6M in Series C Funds

Novinium Inc., a developer of methods for extending the life of underground power cables, announced Tuesday that it has concluded a third round of venture financing after raising some $6 million. Nomura’s New Energy & Clean Technology Ventures led the effort, Novinium said, adding that existing shareholders also participated. Novinium noted that it will apply the money toward growth and toward developing new grid reliability technologies. In a related development, a principal with Nomura's New Energy & Clean Technology Ventures, Whitney Rockley, will join Novinium's board of directors. Headquartered in the Seattle suburb of Kent, Wash., Novinium has raised some $10 million in venture financing since its 2003 founding.