August 1, 2013

Boston Business Journal

MIT spinoff Rive Technology raises $20M including CRV and ATV

Rive Technology, maker of a catalyst to help the oil refinery process with an office in Boston, has raised a $20 million Series D round from investors including Charles River Ventures of Cambridge and Advanced Technology Ventures of Boston.

The round was led by Saudi Aramco Energy Ventures, and also included Mitsui Global Investment, The Blackstone Group and Nth Power.

Rive's sales, marketing and finance office is located on State Street in Boston; Rive moved its five local employees to the office from Cambridge a year ago, CEO David Aldous said at the time. The majority of the firm's staff is based at its research and development office in New Jersey.

The technology behind the company — which uses zeolites to break down large crude oil molecules into valuable transportation fuels — was developed at MIT.

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