A Purdue University-affiliated company has surpassed its goal of raising $250,000, bringing in a total of $1 million. Rocket fuel developer Adranos Inc. hit the milestone less than a week after opening the funding round, according to the university.
The funding was provided by a group of investors, including the lead investor from Adranos’ prior round, Archibald Cox Jr. Cox is the chairman of Sextant Group Inc., a private investment firm, and is the former chairman of Barclays of America and former chief executive officer of Morgan Stanley International.
The funding follows the launch of a prototype rocket and grand prize award at the Army’s inaugural xTechSearch competition.
“We knew that there was a lot of interest in our company but were shocked with both the speed and amount of the funding that was offered to us. We actually had to turn several interested investors away,” said Chief Executive Officer Chris Stoker.
The additional funding will help the company add key team members and boost Adranos’ manufacturing capabilities.
Adranos says it has raised more than $2 million in public and private funds to advance its interests.