FilterMag International, a developer and provider of magnetic filtration products for industrial and consumer markets, announces new management and funding in response to pent-up worldwide demand for its FilterMag product family. As a manufacturer of magnetic filtration products that 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 this 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. He has served as CEO of several successful venture-back private companies including Mercator (sold to Onyx Systems), Wollongong (sold to Attachmate) and Salira Optical Network Systems (sold to Hitachi Data Systems).
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.