Pete Marsnik presented on McFarland-based electrochemical disinfection company Bioionix Inc. The company uses super oxidants to continuously disinfect brine processing, brine chilling and seawater liquids used in producing cheese, ready-to-eat meats and fish farms.
“We provide food safety. We also provide plant safety and employee safety,” Marsnik said. “With that food safety, you have that brand protection that that company ultimately needs.”
Among Bioionix’s customers are Kraft, Smithfield Foods and Costco. The company was established in 2006 and is close to the breakeven point, with an expected $92,000 net loss for 2018, said Marsnik, the chief executive officer. He is projecting 2019 net income of $82,000 on $2.3 million in revenue.
Bioionix has also been accepted into the 2018-19 FaBcap accelerator class for growing food and beverage companies.
The company is restarting its $2.5 million Series B funding round, which it first launched in 2016 to raise about $1 million, Marsnik said. He is also executive director of the Chippewa Valley Angel Investors Network, and is among the investors in the company.
“The use of funds is marketing, new hires, the new product and platform development, including IP and working capital,” he said. Read the full story here.