ZeoVation Inc., which is spin out of The Ohio State University, has raised $780,000 of convertible debt financing from Rev1 Ventures and other undisclosed investors. The company, founded in 2016 and based out of Rev1’s facility, has developed a patent-pending controlled-release “smart” particle technology, which prevents problems and damaging effects on products.
ZeoVation also was named to the 2019 cohort of MassChallenge Boston program, which dentifies the world’s highest-impact, highest-potential startups and helps them successfully launch and grow. MassChallenge Boston, the flagship program for MassChallenge, has more than 10 years of experience. To date, more than 1,900 MassChallenge alumni have raised more than $4 billion in funding, generated over $2.5 billion in revenue and created over 120,000 total jobs.
Bo Wang, Ph.D., and Prabir K. Dutta, Ph.D.,’s collaborative work with zeolites resulted in the co-founding of ZeoVation in 2016, where Wang is responsible for R&D and product development.
The business expansion is led by CEO Steve Jones, who has developed go-to-market and brand positioning strategies for five companies, devised the strategic and financial plans used to raise nearly $57 million for two startups, guided two companies through an initial public offering, raising over $90 million, and directed the sale of three companies realizing shareholder value in excess of $400 million.