ecoSPEARS Closes $2M Seed Round

ecoSPEARS, an Orlando startup commercializing NASA-patented technology for sediment, soil and water remediation of PCBs, closed a $2M seed round from Kirenaga Partners and the EIA Social Enterprise Fund.

 “I grew up just down the road from the Hudson River. When I learned about the PCB epidemic in the river, and the ineffective dredging efforts, I knew something had to be done,” said Serg Albino, CEO of ecoSPEARS. “As a New Yorker, I cannot sit idle and see an almost 100-year-old toxin problem continue to destroy the health of the people in my hometown and communities around the world.”

During his time as a NASA engineer, Albino worked with Dr. Jackie Quinn, a NASA environmental engineer; Dr. Robert Devor; and Dr. Phil Maloney, all of whom are co-inventors of Sorbent Polymer Extraction and Remediation System (SPEARS). SPEARS can permanently clean up the world’s most pervasive and persistent toxins from water at a fraction of the cost of dredging and without disturbing the aquatic ecosystem and local community. In late 2017 ecoSpears received an exclusive license to bring this technology to market.

“We are very pleased with the progress we’ve made to date, and with the support we’ve received from the investment community here in Orlando,” said Albino.  “We would never have been able to get this company off the ground without Kirenaga’s leadership and initial capital.  And the investment from the EIA Social Enterprise Fund is another validation for us that what we are doing is not only a good business, but simultaneously addresses a real societal problem – one that has, for way too long, been without a viable, environmentally-friendly solution.”

We continue to hear from some quarters that Orlando lacks venture capital and that Orlando does not have investable startups. Kirenaga Partners, EIA Social Enterprise Fund, DeepWork Capital (whose prolific funding activity was reported on here last week), and ecoSPEARS are demonstrating otherwise.