DURHAM — A Duke University startup has raised $4.5 million in private equity, according to a Wednesday filing with the Securities and Exchange Commission.
Tyrata Inc., a sensor development and data management company based in Durham, said no executive, director or promoter will receive any of the proceeds, other than the payment of salaries and other compensation and benefits. The company did not disclose how the money will be used.
In collaboration with Duke University, Tyrata’s founders developed sensor technology that help signal when it’s time to replace tires or report information dangerous tire wear conditions, according to Tyrata’s website.
Cleveland-based Dealer Tire, a U.S. replacement tires and parts distributor for automotive dealerships, is the lead investor in the $4.5 million in financing. The company said the money would allow it to develop its sensor technology and prepare for large-scale manufacturing.
[“We at Dealer Tire see a strong potential for this technology to improve consumer safety as it relates to tires,” said Scott Mueller, partner and CEO of Dealer Tire, in an announcement about the funding that was made Feb. 20. “The investment in Tyrata is consistent with our strategy to enhance tire safety and provide exceptional, value-added services to our stakeholders and for the benefit of the overall industry.”]
Aaron Franklin, an associate professor of engineering and chemistry at Duke, developed the technology. He is working with Duke’s Nicholas School of the Environment and the Pratt School of Engineering to further develop the technology. [Franklin, left, and Joseph Andrews, a PhD student who led the original research on the tread wear sensor, hold up examples of the printed carbon nanotube sensors on a flexible surface in the photo from Duke University accompanying this post.]
Tyrata CEO Jesko von Windheim is a professor of the practice at Duke. He also co-founded Cronos Integrated Microsystems Inc. and founded Nextreme Thermal Solutions Inc., where he was CEO. He got his MBA from UNC-Chapel Hill’s Kenan-Flagler Business School.
[“Dealer Tire is well positioned in the industry to help accomplish Tyrata’s objective of making an impact across all major tire manufacturers,” von Windheim, said about the investment. “Our technology is a great fit with Dealer Tire’s commitment to tire safety across the industry, and we are absolutely delighted to have Dealer Tire as our lead investor. Their investment allows Tyrata to hire a world-class management and engineering team to address a very large, unmet need for tread wear monitoring in the transportation industry.”]
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
