|As a magnetic filtration solution, FilterMag products use custom-designed, heat resistant Neodymium alloy magnets that are mathematically optimized and magnetically modeled for specific applications.|
FilterMag International, developer and provider of magnetic filtration products for industrial and consumer markets, announced new management, funding, and customers for its FilterMag product family.
As the manufacturer of magnetic filtration products that are designed to reduce the presence of harmful particles from oil, hydraulic, and fuel systems used in critical assets relied upon in mining, oil and gas, heavy construction, and manufacturing markets, FilterMag is pursuing a total addressable market (TAM) opportunity estimated in excess of $25 billion.
To capitalize on its global market opportunity, FilterMag has appointed Silicon Valley serial entrepreneur and investor Herbert J. Martin as its new CEO.
Martin’s broad experience growing start-up and mid-cap companies has resulted in a track record of success in building substantial revenues, developing profitable business models, and creating global channels and partnerships.
To accelerate time-to-market initiatives and stimulate revenue growth, FilterMag has raised $2.5M in a private Series A preferred share offering to accredited and strategic investors.
This new infusion of capital will also be used in a comprehensive program to attract and secure strategic partners and international distributors serving the mining, oil & gas, heavy construction, trucking and transit, marine, and manufacturing market sectors.
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