{"id":7255,"date":"2013-02-13T14:46:45","date_gmt":"2013-02-13T19:46:45","guid":{"rendered":"https:\/\/research.ncsu.edu\/otcnv\/?p=7255"},"modified":"2025-06-17T15:58:58","modified_gmt":"2025-06-17T19:58:58","slug":"nc-state-and-blackstone-entrepreneurs-network-team-up-to-help-raleigh-startup-tethis-close-series-a-venture-round","status":"publish","type":"post","link":"https:\/\/research.ncsu.edu\/commercialization\/2013\/02\/13\/nc-state-and-blackstone-entrepreneurs-network-team-up-to-help-raleigh-startup-tethis-close-series-a-venture-round\/","title":{"rendered":"NC&#160;State and Blackstone Entrepreneurs Network Team Up to Help Raleigh Startup Tethis Close Series A Venture Round"},"content":{"rendered":"\n\n\n\n\n<h3 class=\"wp-block-heading\">For Immediate Release<\/h3>\n\n\n\n<p><strong>Raleigh, NC<\/strong> \u2013 An NC State startup company commercializing technology that removes salt and other materials from water created as a by-product of industrial processes \u2013 useful in processes like hydraulic fracturing, or \u201cfracking\u201d \u2013 has received $800K in private funding.<\/p>\n\n\n\n<p>Tethis, Inc., which is located in Raleigh, recently closed a Series A stock round. The company is commercializing a technology, originated in North Carolina State University\u2019s College of Natural Resources, to remove salt and other hazardous materials from water generated as a by-product of industrial processes, including fracking.<\/p>\n\n\n\n<p>Blackstone Network Executive Director Bob Creeden says Tethis co-founder and CEO Scott Bolin is exactly the kind of entrepreneur that the Blackstone Network is positioned to help. \u201cScott brought the right combination of a high-potential technology developed at NC State and the passion to pursue forming a company,\u201d Creeden says.<\/p>\n\n\n\n<p>The funding round was led by seasoned area entrepreneur Chris Evans, who became involved with Tethis in his role as the company\u2019s mentor-lead in the Triangle-based Blackstone Entrepreneurs Network. Evans, co-founder of DaVinci Systems, founder of Hotlinx and Accipiter and an NC State alumnus, invested $100,000 of his own money in the company and will remain involved as executive chairman.<\/p>\n\n\n\n<p>Bolin, Moataz Mousa and Ryan Chan moved Tethis from a class project in NC State\u2019s HiTEC program to licensing the technology developed by professors Joel Pawlak and Richard Venditti to form Tethis. The new company also is a member of the 2013 NC State Fast 15, receiving launch support from the university\u2019s New Venture Services.<\/p>\n\n\n\n<p>\u201cNC State and the Blackstone Entrepreneurs Network have built a strong relationship focused on driving new venture success. Their mentor network combines with our innovation ecosystem to help new companies grow,\u201d says Vice Chancellor Terri Lomax of NC State\u2019s Office of Research, Innovation and Economic Development.<\/p>\n\n\n\n<p>The group of investors meets key strategic interests for the company and brings experience. \u201cWe wanted to raise the capital necessary to sustain our commercialization efforts, but we also wanted to have investors who know the markets we\u2019ll play in and can help the company as it evolves,\u201d Evans adds.<\/p>\n\n\n\n<p>Through the Blackstone Network, Bolin also was invited to pitch the technology at Blackstone\u2019s corporate headquarters to industry experts and investment managers, resulting in key connections and an opportunity for site-testing the technology.<\/p>\n\n\n\n<p>The treatment and disposal of saltwater and brine is a global challenge costing industry and governments billions annually. The markets for saltwater treatment include the desalination and recycling of frack flowback water \u2013 salt-laden water that is a byproduct of hydraulically fractured gas wells. To do this, the company uses Tethex, a biodegradable foam licensed from NC State, that binds with dissolved salts, minerals and other materials, allowing them to be removed from wastewater.<\/p>\n\n\n\n<p><strong>About NC State\u2019s Entrepreneurship Ecosystem<\/strong>: NC State\u2019s Office of Technology Transfer evaluates university-developed technology, with an eye for commercial potential within existing companies or as the basis of startups. New Venture Services, within OTT, provides company launch support through the annual Fast 15, a grouping of the most compelling business opportunities from faculty research and student creativity across the university. The Poole College of Management\u2019s Graduate Technology Entrepreneurship and Commercialization Program, known as HiTEC, develop venture-grade commercialization plans through student courses. Learn more at <a title=\"Office of Technology Transfer\" href=\"https:\/\/research.ncsu.edu\/commercialization\/\">research.ncsu.edu\/otcnv<\/a>.<\/p>\n\n\n\n<p><strong>About the Blackstone Entrepreneurs Network:<\/strong> Blackstone Entrepreneurs Network was launched with a gift from The Blackstone Charitable Foundation in 2011. The Network draws from a regional pool of veteran entrepreneurs (EIRs) who help identify marketable innovations out of area universities and regional startups with the greatest potential to become high-growth companies. EIRs work as a team to mentor these local entrepreneurs in company building, make connections to their network of experts and funders, and provide access to the broader Blackstone Entrepreneurs Network. This greater network includes sector experts, venture coaches, angel investors and administrative and marketing support. Learn more at <a class=\"external\" title=\"This link will take you to an external site\" href=\"http:\/\/www.blackstoneentrepreneursnetwork.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">blackstoneentrepreneursnetwork.org<\/a>.<\/p>\n","protected":false,"raw":"<!-- wp:ncst\/dynamic-header {\"block\":\"ncst\/default-post-header\"} -->\n<!-- wp:ncst\/default-post-header {\"caption\":\"Tethis, Inc. (PRNewsfoto\/Tethis)\",\"showAuthor\":false} \/-->\n<!-- \/wp:ncst\/dynamic-header -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>For Immediate Release<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p><strong>Raleigh, NC<\/strong> \u2013 An NC State startup company commercializing technology that removes salt and other materials from water created as a by-product of industrial processes \u2013 useful in processes like hydraulic fracturing, or \u201cfracking\u201d \u2013 has received $800K in private funding.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Tethis, Inc., which is located in Raleigh, recently closed a Series A stock round. The company is commercializing a technology, originated in North Carolina State University\u2019s College of Natural Resources, to remove salt and other hazardous materials from water generated as a by-product of industrial processes, including fracking.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Blackstone Network Executive Director Bob Creeden says Tethis co-founder and CEO Scott Bolin is exactly the kind of entrepreneur that the Blackstone Network is positioned to help. \u201cScott brought the right combination of a high-potential technology developed at NC State and the passion to pursue forming a company,\u201d Creeden says.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The funding round was led by seasoned area entrepreneur Chris Evans, who became involved with Tethis in his role as the company\u2019s mentor-lead in the Triangle-based Blackstone Entrepreneurs Network. Evans, co-founder of DaVinci Systems, founder of Hotlinx and Accipiter and an NC State alumnus, invested $100,000 of his own money in the company and will remain involved as executive chairman.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Bolin, Moataz Mousa and Ryan Chan moved Tethis from a class project in NC State\u2019s HiTEC program to licensing the technology developed by professors Joel Pawlak and Richard Venditti to form Tethis. The new company also is a member of the 2013 NC State Fast 15, receiving launch support from the university\u2019s New Venture Services.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cNC State and the Blackstone Entrepreneurs Network have built a strong relationship focused on driving new venture success. Their mentor network combines with our innovation ecosystem to help new companies grow,\u201d says Vice Chancellor Terri Lomax of NC State\u2019s Office of Research, Innovation and Economic Development.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The group of investors meets key strategic interests for the company and brings experience. \u201cWe wanted to raise the capital necessary to sustain our commercialization efforts, but we also wanted to have investors who know the markets we\u2019ll play in and can help the company as it evolves,\u201d Evans adds.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Through the Blackstone Network, Bolin also was invited to pitch the technology at Blackstone\u2019s corporate headquarters to industry experts and investment managers, resulting in key connections and an opportunity for site-testing the technology.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The treatment and disposal of saltwater and brine is a global challenge costing industry and governments billions annually. The markets for saltwater treatment include the desalination and recycling of frack flowback water \u2013 salt-laden water that is a byproduct of hydraulically fractured gas wells. To do this, the company uses Tethex, a biodegradable foam licensed from NC State, that binds with dissolved salts, minerals and other materials, allowing them to be removed from wastewater.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>About NC State\u2019s Entrepreneurship Ecosystem<\/strong>: NC State\u2019s Office of Technology Transfer evaluates university-developed technology, with an eye for commercial potential within existing companies or as the basis of startups. New Venture Services, within OTT, provides company launch support through the annual Fast 15, a grouping of the most compelling business opportunities from faculty research and student creativity across the university. The Poole College of Management\u2019s Graduate Technology Entrepreneurship and Commercialization Program, known as HiTEC, develop venture-grade commercialization plans through student courses. Learn more at <a title=\"Office of Technology Transfer\" href=\"https:\/\/research.ncsu.edu\/commercialization\/\">research.ncsu.edu\/otcnv<\/a>.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>About the Blackstone Entrepreneurs Network:<\/strong> Blackstone Entrepreneurs Network was launched with a gift from The Blackstone Charitable Foundation in 2011. The Network draws from a regional pool of veteran entrepreneurs (EIRs) who help identify marketable innovations out of area universities and regional startups with the greatest potential to become high-growth companies. EIRs work as a team to mentor these local entrepreneurs in company building, make connections to their network of experts and funders, and provide access to the broader Blackstone Entrepreneurs Network. This greater network includes sector experts, venture coaches, angel investors and administrative and marketing support. Learn more at <a class=\"external\" title=\"This link will take you to an external site\" href=\"http:\/\/www.blackstoneentrepreneursnetwork.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">blackstoneentrepreneursnetwork.org<\/a>.<\/p>\n<!-- \/wp:paragraph -->"},"excerpt":{"rendered":"<p>For Immediate Release Raleigh, NC \u2013 An NC State startup company commercializing technology that removes salt and other materials from water created as a by-product of industrial processes \u2013 useful&hellip;<\/p>\n","protected":false},"author":239,"featured_media":12477,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"source":"","ncst_custom_author":"","ncst_show_custom_author":false,"ncst_dynamicHeaderBlockName":"ncst\/default-post-header","ncst_dynamicHeaderData":"{\"showAuthor\":false,\"showDate\":true,\"showFeaturedVideo\":false,\"caption\":\"Tethis, Inc. (PRNewsfoto\/Tethis)\"}","ncst_content_audit_freq":"","ncst_content_audit_date":"","ncst_content_audit_display":false,"ncst_backToTopFlag":"","footnotes":""},"categories":[2,3],"tags":[37,200],"_ncst_magazine_issue":[],"class_list":["post-7255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-startup-news","tag-blackstone-entrepreneurs-network","tag-tethis"],"displayCategory":null,"acf":{"ncst_posts_meta_modified_date":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NC State and Blackstone Entrepreneurs Network Team Up to Help Raleigh Startup Tethis Close Series A Venture Round - Office of Research Commercialization<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/research.ncsu.edu\/commercialization\/2013\/02\/13\/nc-state-and-blackstone-entrepreneurs-network-team-up-to-help-raleigh-startup-tethis-close-series-a-venture-round\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NC State and Blackstone Entrepreneurs Network Team Up to Help Raleigh Startup Tethis Close Series A Venture Round - 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