UCF Business Incubator Client’s round of seed funding was oversubscribed in a down-market
ORLANDO, Fla. (August 1, 2023) — In the middle of a downturn in funding for startups across the country, Orlando-based Kismet Technologies has completed its seed round of outside investments with higher-than-expected returns.
Seeking $5 million, the company’s funding round was oversubscribed with investment from strategic investors, family offices, and the Florida Opportunity Fund.
“We are thrilled to close on this funding round with a terrific group of investors,” says Shari Costantini, president and co-founder, Kismet Technologies. “The fact the round was oversubscribed speaks to the market opportunity for our nanotechnology, a game-changing residual antimicrobial effective against the hardest-to-kill pathogens.”
Kismet Technologies is poised to disrupt the infection control market with its patent-pending product, NanoRAD. NanoRAD, which stands for “Nanobased Residual Active Disinfectant,” works continuously for months because of the use of specially engineered nanoparticles. Plus, NanoRAD works against some of the most severe illness-causing germs that have plagued healthcare and tourism.
The funds are critical to bring its NanoRAD to market as the majority of the funding will be used to ensure approval from the United States Environmental Protection Agency. As the company goes through EPA approval of NanoRAD coatings and films, the first product, KismetClean, will come to market in the fall.
Recently, the company opened its manufacturing facility in the Lee Vista area of Central Florida and has initiated several large-scale pilot projects in the healthcare and clean room industries.
“This past year has been quite a whirlwind with us hitting so many milestones in our company’s growth in 2023,” says Christina Drake, Ph.D., co-founder and CEO, Kismet. “This is truly a testament to our experienced team of scientists and operators who have joined us recently.”
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Contact:
Kismet Technologies: Chrsitina Drake, CEO, cdrake@kismettechnologies.com
UCF Business Incubation Program: Carol Ann Dykes Logue, 407-635-9882, carolann.dykeslogue@ucf.edu; Alan Byrd, Alan Byrd & Associates, 407-415-8470, Alan@ByrdConnections.com
About Kismet Technologies
Kismet Technologies is committed to helping people live healthier and safer lives by harnessing the power of nanotechnology to create self-disinfecting surfaces. Our patent-pending product, NanoRAD, eradicates even the most-persistent and severe illness causing bacteria and viruses within two hours of contacting a NanoRAD treated surface and provides this protection around the clock. Kismet is changing how the world disinfects with products that will save millions of lives.
About the UCF Business Incubation Program: The University of Central Florida Business Incubation Program is a community resource that provides early-stage companies with the tools, training and infrastructure to become financially stable, high growth/impact enterprises. Since 1999, this award-winning program has provided vital business development resources resulting in over 300 local startup companies reaching their potential faster and graduating into the community where they continue to grow and positively impact the local economy.
With eight facilities throughout the region, the UCF Business Incubation Program is an economic development partnership between the University of Central Florida, the Corridor, Orange, Osceola, Seminole and Volusia Counties, and the cities of Kissimmee, Orlando and Winter Springs. In 2022, current incubator clients supported over 1200 employees and generated over $120M in revenue. Nineteen companies graduated from the program and remained in the local community. For more information, visit www.incubator.ucf.edu.
