The Maine Venture Fund (MVF) and private investors provided OSS with equity capital, following on the successful execution of numerous Federal SBIR and Broad Agency Announcement awards that funded the development of their existing commercial products.

Orono Spectral Solutions, Inc (OSS), based in Bangor, Maine is a fast growing Maine-based company that specializes in developing advanced chemical sampling materials that are packaged into simple to use products that streamline the entire sample collection-to-detection process.   “In essence, we don’t make the detectors, we make them work better”, says Luke Doucette, company VP. OSS’s chemical sampling products are of great economic and strategic benefit to a number of detection instrument manufacturers and end users alike. This has allowed OSS to leverage its patented technologies into direct sales opportunities as well as license and distribution agreements with leading industry partners. OSS’s products are currently used by customers within the military, hazmat, and first responder markets, as well as environmental and process control monitoring markets. OSS was founded in 2004 and spun out of research conducted in Dr. Carl Tripp’s lab at Laboratory for Surface Science and Technology (LASST) at the University of Maine.  OSS’ Mission Statement is to be the world-wide leader in sampling and analysis solutions for optical and mass spectrometer based detection systems. OSS is committed to the exhaustive research and development that is required to make detection products for a variety of applications.

The Maine Venture Fund (MVF) and private investors provided OSS with equity capital, following on the successful execution of numerous Federal SBIR and Broad Agency Announcement awards that funded the development of their existing commercial products. According to Luke Doucette, “We are thrilled to have closed our recent funding round and are very pleased to be working with the Maine Venture Fund and all of our other investor partners. This investment will be dedicated to funding the rapid acceleration in sales efforts and in targeted marketing.”

“OSS is a great example of taking university research and, with the aid of grant money well applied, developing highly valued commercial products that fill a market opportunity. OSS has the opportunity now to grow rapidly into this market and improve the quality of measurements in this extremely sensitive field” says John Burns, MVF Managing Director. “It is exciting to be part of a group focused on helping OSS and their excellent team realize the commercial potential of these products and grow, in the Bangor region, a company of national significance.”

The mission of the Maine Venture Fund is to provide resources to attract, support, and help develop eligible small businesses with the potential for substantial growth and success that will contribute to the prosperity of Maine.

via Maine Venture Fund Partners with private investors to fuel the growth of Orono Spectral Solutions, Inc – Maine Venture Fund.