NC State and Blackstone Entrepreneurs Network Team Up to Help Raleigh Startup Tethis Close Series A Venture Round

Posted on February 18, 2013 by

From Research, Innovation and Economic Development, NC State University
Release date 2.13.13

Raleigh, NC – An NC State startup company commercializing technology that removes salt and other materials from water created as a by-product of industrial processes – useful in processes like hydraulic fracturing, or “fracking” – has received $800K in private funding.

Tethis, Inc., which is located in Raleigh, recently closed a Series A stock round. The company is commercializing a technology, originated in North Carolina State University’s College of Natural Resources, to remove salt and other hazardous materials from water generated as a by-product of industrial processes, including fracking.

Blackstone Network Executive Director Bob Creeden says Tethis co-founder and CEO Scott Bolin is exactly the kind of entrepreneur that the Blackstone Network is positioned to help. “Scott brought the right combination of a high-potential technology developed at NC State and the passion to pursue forming a company,” Creeden says.

The funding round was led by seasoned area entrepreneur Chris Evans, who became involved with Tethis in his role as the company’s mentor-lead in the Triangle-based Blackstone Entrepreneurs Network. Evans, co-founder of DaVinci Systems, founder of Hotlinx and Accipiter and an NC State alumnus, invested $100,000 of his own money in the company and will remain involved as executive chairman.

Bolin, Moataz Mousa and Ryan Chan moved Tethis from a class project in NC State’s HiTEC program to licensing the technology developed by professors Joel Pawlak and Richard Venditti to form Tethis. The new company also is a member of the 2013 NC State Fast 15, receiving launch support from the university’s New Venture Services.

“NC State and the Blackstone Entrepreneurs Network have built a strong relationship focused on driving new venture success. Their mentor network combines with our innovation ecosystem to help new companies grow,” says Vice Chancellor Terri Lomax of NC State’s Office of Research, Innovation and Economic Development.

The group of investors meets key strategic interests for the company and brings experience. “We wanted to raise the capital necessary to sustain our commercialization efforts, but we also wanted to have investors who know the markets we’ll play in and can help the company as it evolves,” Evans adds.

Through the Blackstone Network, Bolin also was invited to pitch the technology at Blackstone’s corporate headquarters to industry experts and investment managers, resulting in key connections and an opportunity for site-testing the technology.

The treatment and disposal of saltwater and brine is a global challenge costing industry and governments billions annually. The markets for saltwater treatment include the desalination and recycling of frack flowback water – salt-laden water that is a byproduct of hydraulically fractured gas wells. To do this, the company uses Tethex, a biodegradable foam licensed from NC State, that binds with dissolved salts, minerals and other materials, allowing them to be removed from wastewater.

About NC State’s Entrepreneurship Ecosystem: NC State’s Office of Technology Transfer evaluates university-developed technology, with an eye for commercial potential within existing companies or as the basis of startups. New Venture Services, within OTT, provides company launch support through the annual Fast 15, a grouping of the most compelling business opportunities from faculty research and student creativity across the university. The Poole College of Management’s Graduate Technology Entrepreneurship and Commercialization Program, known as HiTEC, develop venture-grade commercialization plans through student courses. Learn more at research.ncsu.edu/ott.

About the Blackstone Entrepreneurs Network: Blackstone Entrepreneurs Network was launched with a gift from The Blackstone Charitable Foundation in 2011. The Network draws from a regional pool of veteran entrepreneurs (EIRs) who help identify marketable innovations out of area universities and regional startups with the greatest potential to become high-growth companies. EIRs work as a team to mentor these local entrepreneurs in company building, make connections to their network of experts and funders, and provide access to the broader Blackstone Entrepreneurs Network. This greater network includes sector experts, venture coaches, angel investors and administrative and marketing support. Learn more at blackstoneentrepreneursnetwork.org.

For more information:
Gene Pinder | Research, Innovation and Economic Development, NC State University | 919-515-7036
Michelle Bolas | Blackstone Entrepreneurs Network | 919-225-2607

A.G. Raymond Forest Products Scholarship Established

Posted on February 18, 2013 by

Arthur G. Raymond, Jr.

Arthur G. Raymond, Jr. (Art), a 1969 alumnus of the College of Natural Resources, established the A.G. Raymond Forest Products Scholarship Endowment in the fall of 2012 to provide need-based undergraduate scholarships for Wood Products students in NC State University’s Department of Forest Biomaterials.

Having headed his own consulting firm specializing in wood products manufacturing and currently serving as Senior Vice President of Hooker Furniture, Art understands the importance of combining knowledge driven science with sound business practices to create usable, sustainable products for the consumer in the global market.

Art is an avid NC State supporter serving since 2002 on the NC State Natural Resources Foundation Board of Directors on the Executive Committee, Budget Committee and Chair of the Development Committee. He is also an Adjunct Professor in the College of Natural Resources and has served as a guest lecturer in Industrial Engineering, as well as, an active member of both the NC State Alumni Association and the Wolfpack Club.

This endowment will be used to provide need-based undergraduate scholarships for wood products students in the College of Natural Resources. Awards will be for one academic year and may be renewable based on specific criteria being met.

About the Department of Forest Biomaterials
NC State University’s Department of Forest Biomaterials (FB) is home to a nationally recognized wood products program with a long history of supporting wood manufacturing industries, sustainable housing and their surrounding communities and to one of the oldest and most respected paper science and engineering programs in the world. We also support a fast-growing forest biomaterials and bioenergy area, which examines the production of novel biomass resources, and develops the chemical science and engineering technology for the sustainable production of materials and energy.

The department pursues interdisciplinary teaching, research and extension activities. Our approach recognizes the scientific and engineering principles driving each area of study as well as applicable technology and business skills. Our programs also examine and acknowledge the broader sustainability issues that affect industries operating in these fields, including the financial, management and social components. All of our programs emphasize hands-on learning that identify solutions to real-world problems and developing futuristic products and environmentally friendly processes.

Paper Science and Engineering Class of 2012 Establishes Scholarship

Posted on February 12, 2013 by

Members of the NC State University Paper Science and Engineering Class of 2012 and friends have established an endowment to fund the Class of 2012 Scholarship in Paper Science and Engineering.

Michael Woolford Signs Scholarship Memorandum

On behalf of the PSE Class of 2012, student Michael Woolford signs a memorandum of understanding establishing the Class of 2012 Scholarship in Paper Science and Engineering

There were 26 graduates of this program in the 2011-12 year with 100% job placement. The Paper Science and Engineering program at NC State continues to be the largest U.S. program awarding a specific degree in Paper Science and Engineering.

“Our scholarships have enabled us to attract outstanding students to our program for almost 60 years,” according to Jennifer Piercy, Executive Director of the NC State Pulp and Paper Foundation. ” The Class of 2012 joins several other classes in setting the example of giving back to a program that presented them with unparalleled opportunities!”

Donations to this scholarship fund may be made to the NC State Natural Resources Foundation, NCSU Campus Box 8010, Raleigh, NC 27695 or you may make a secure online gift @ http://go.ncsu.edu/cnrgift . Type ” Class of 2012 Scholarship in Paper Science and Engineering” in the gift selection window.

Public Furniture Project Webinar Offered

Posted on February 11, 2013 by

The Public Furniture Research Project will host a project webinar on Tuesday, February 26th, 2013 at noon Eastern time to discuss the results of this project that is directed to learning how local governments and school districts buy furniture and furnishings in an effort to support the growth of sales of wood products by these public entities.

Local governments and school districts currently are buying little locally made wood products for classrooms and government buildings. This project interviewed twenty purchasing departments in West Virginia, North and South Carolina to learn what issues are important for buyers of public furniture and how the wood products industry can better serve this important market.

More information about the webinar can be found at the project website at www.cnr.ncsu.edu/publicfurniture. Webinars are interactive discussions with a PowerPoint slide show and comments by moderators and participants. Participants can communicate via microphones and text chatting.

There is no charge to participate in the webinar. A recording of the webinar will be available on the project website after the webinar is completed.

Harry Watt of NC State University’s Wood Products Extension Program is the project leader for the USDA USFS Public Furniture Research Project.

This research project is sponsored by the Princeton Forestry Sciences Lab in Princeton, WV and the Wood Products Extension Department at North Carolina State University.

For more information contact:
Harry Watt- email: harry_watt@ncsu.edu, cell 704-880-5034.

The work upon which this project is based is funded through a grant awarded by the Princeton Forestry Sciences Lab in Princeton, West Virginia, which is part of the Northern Research Station of the USDA Forest Service.

Paper Science & Engineering Celebrates 6th TAPPI Fellow

Posted on January 31, 2013 by

Each year TAPPI, the leading association for the worldwide pulp, paper, packaging, and converting industries, elects members as TAPPI Fellows in recognition of meritorious service to the Association and the industry. In 2012 Dr. Richard A. Venditti, was elected as a TAPPI Fellow, joining TAPPI Fellows and NC State Paper Science and Engineering faculty Drs. Hou-min Chang, Martin A. Hubbe, Hasan Jameel, Michael J. Kocurek, and Richard B. Phillips.

Learn more about all 6 of these outstanding Fellows in the PSE Winter 2013 Update