Cintrifuse firms up $5 million from University of Cincinnati
Early in September we reported that Cintrifuse had landed $25M from Proctor and Gamble and that they planned to get $10M more from the University of Cincinnati. Bizjournals.com reported this morning that Cintrifuse now has a commitment of $5M from the University with up to $5M more later.
University president Santa Ono was quoted as saying that he hasn’t determined whether the investment will come from endowment resources, capital funds or other sources, but that he’s “quite confident” the money will be secured.
That's a big step forward for Cintrifuse but will they get the rest of the money they're looking for? In September they were hoping to raise $55M. With $25M from P&G, $5M from the university and a possible (but not firm) further $5M later, it seems they have $20-$25M more to get to reach their goal.
There's a lot of buzz about Cintrifuse.... the one earlier article we did about them has generated a substantial number of hits over a long period of time. Their website is less sparse than it was a month ago but still doesn't have much information on it yet.