Grenova, a Richmond, Virginia-based pioneer in sustainable laboratory technologies, has achieved two significant milestones that underscore its commitment to transforming laboratory practices: the appointment of seasoned life sciences executive Ted Hull to its board of directors and the successful completion of a new round of growth equity capital.
Strategic Leadership Appointment
Ted Hull brings over 30 years of experience in the life sciences industry, including more than two decades as a CEO in clinical laboratory settings. His leadership roles have spanned prominent organizations such as Genova Diagnostics and Bako Diagnostics. At Genova Diagnostics, Hull led the company to significant growth, achieving over $100 million in revenue and $30 million in EBITDA, culminating in a successful sale to Levine Leichtman Capital Partners in 2013. GuruFocusThe Business Journals+2Peloton Equity+2The Business Journals+2
Currently serving as CEO of Bako Diagnostics and as an operating partner at Peloton Equity, Hull’s extensive experience in clinical diagnostics and laboratory operations positions him to provide strategic guidance to Grenova as it scales its sustainable solutions.The Business Journals+2Peloton Equity+2The Business Journals+2
Infusion of Growth Capital
Complementing the leadership expansion, Grenova has secured a new round of growth equity capital. While the exact amount remains undisclosed, the funding round was led by existing investors Peloton Equity and Hamilton Lane’s Impact Fund II, along with other current stakeholders.
The capital infusion is earmarked to enhance Grenova’s automation portfolio, expand its research and development capabilities, and grow its team to meet the rising global demand for sustainable laboratory practices. This investment reflects strong confidence in Grenova’s mission to reduce plastic waste in laboratories through innovative, reusable solutions.GuruFocus
Advancing Sustainable Laboratory Practices
Founded in 2014 by Ali Safavi, Grenova has been at the forefront of developing technologies that allow laboratories to wash and sterilize devices used in diagnostic testing, enabling their reuse and significantly reducing plastic waste. The company’s solutions align with the growing global emphasis on sustainability and environmental responsibility in scientific research and diagnostics.The Business Journals+1The Business Journals+1
The appointment of Ted Hull and the new funding round are strategic steps that bolster Grenova’s capacity to innovate and expand its reach. With Hull’s leadership and the additional resources, Grenova is well-positioned to accelerate its mission of transforming laboratory operations into more sustainable and efficient systems.
Investor Confidence and Future Outlook
Peloton Equity, a growth capital investor with a focus on healthcare, has been a significant supporter of Grenova, acquiring a majority stake in 2022. Ted Lundberg, Managing Partner at Peloton Equity and Chairman of Grenova, expressed enthusiasm about Hull joining the board, stating, “Ted brings a powerful blend of vision and experience that will help Grenova press its advantage as a category leader.” Peloton EquityGuruFocus
Hamilton Lane’s Impact Fund II, known for investing in companies that generate positive social and environmental outcomes alongside financial returns, also participated in the funding round, further validating Grenova’s impact-driven approach.
Grenova’s recent developments mark a significant advancement in its journey to revolutionize laboratory practices through sustainable technologies. With seasoned leadership and robust financial backing, the company is poised to expand its innovative solutions, reduce environmental impact, and set new standards in laboratory sustainability.
