NEW YORK, July 1, 2014 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq:TINY), an investor in transformative companies enabled by disruptive science, today announced that it has invested $2 million in portfolio company HZO, Inc.'s , $20 Million Series II Financing. The financing includes a broad spectrum of investors led by new investor Iron Gate Capital, LLC, with additional participation by current investors, as well as new investment by Translink Capital and Delta Electronics.
Doug Jamison, CEO of Harris & Harris Group, said, "We are pleased to be participating in HZO's Series II financing and to be investing beside a great group of new financial and strategic investors. This oversubscribed financing is further evidence of Harris & Harris Group's ability to identify and cultivate early stage companies developing technology with large market potential."
HZO's proprietary liquid and corrosion protection technology is proven to protect electronic devices from short-term submersion in liquid, the most common accidental water exposure event. Today, the company protects everything from one of the world's premier tablets to one of the best-selling fitness trackers. In addition to water, the technology repels oils, synthetic fluids, many hazardous materials, dust and dirt, and can be applied to almost any surface to provide protection against water, weather, and corrosion, rendering the total market opportunity virtually endless.Michael Bartholomeusz, CEO of HZO, said, "We are grateful for the ongoing support from the Harris & Harris Group team, who were among the first to see our potential and participate in the first institutional investment in HZO in 2011. Since that time, we have used our financing to develop technologies that integrate into our partners' manufacturing lines, so that it can be applied to thousands of parts per day, supporting large, high throughput production environments. With the support of Harris & Harris Group and our diversified Series II investors, we can execute on our growth plan and continue to build value in our company."
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