Funding round expands MITO Material Solutions composite technology operations
The woman-led graphene company raises $4.6 million for Indianapolis operations expansion and adds to its Board of Directors.
MITO’s dispersion product line. Photo Credit, all images: MITO Material Solutions
Specialty chemical company, MITO Material Solutions (Indianapolis, Ind., U.S.), has raised $4.6 million in a funding round that closed in late January 2022. Funding came from a seed extension by existing and new MITO investors such as specialty chemicals solutions provider, Ingevity Corp. (North Charleston, N.C., U.S.), and will be used to expand MITO’s Indianapolis operations, including new lab space for developing industry-leading products and new composite material technologies.
“This is an exciting time for MITO,” says MITO CEO Haley Marie Keith. “We appreciate the backing of all our investors, including our strategic partnership with Ingevity. As we build on the recent success of MITO’s graphene additive in a sporting product, we welcome the years of polymer chemicals experience that Ingevity’s Steve Hulme brings to our board of directors.”
MITO’s portfolio of advanced polymer additives includes a proprietary graphene-functionalization technique that creates E-GO, the hybrid polymer modifier currently in production and in use in several industries. All MITO additives are said to enhance fiber-reinforced composites and thermoplastics well beyond standard performance metrics and are engineered to integrate into existing production lines at a very low concentration with proven compatibility in a variety of material combinations.
MITO’s CEO Haley Marie Keith.
“MITO is doing innovative work,” adds Steve Hulme, senior vice president, Performance Chemicals and president, Engineered Polymers at Ingevity. “We are excited to be involved with a company that’s creating chemistries and technologies that enable a more sustainable future.”
MITO has recently relocated its lab and office space to an inclusive office and lab facility in Indianapolis, bringing the team to the center of Midwest manufacturing. This location change and the additional capital from the latest seed round has positioned MITO to grow.
“U.S. manufacturers are looking for solutions to help them create lightweight materials that address global climate change issues and contribute to a sustainable future,” notes Keith. “MITO’s scalable additive solution can be paired with a number of polymers to create stronger, lightweight final products without changing production systems. We are ready to help U.S. manufacturers fight climate change and achieve sustainability goals.”
