MITO Material Solutions raises $1 million for graphene-functionalization
The developed additives are said to enhance fiber-reinforced composites and thermoplastics up to 135% beyond standard metrics for replacing metals.
MITO Material Solutions (Indianapolis, Ind., U.S.) a developer of additives that enable polymer manufacturers to enhance product performance, announced on August 31 an oversubscribed $1 million Series Seed funding round led by two Chicago-based firms, Dipalo Ventures and Clean Energy Trust.
In relation to the funding, the company has reportedly pioneered a proprietary graphene-functionalization technique that creates hybrid polymer modifiers. According to MITO, its additives enhance fiber-reinforced composites and thermoplastics up to 135% beyond standard performance metrics. Moreover, MITO’s E-GO and other in-development products are said to be engineered to integrate into existing production lines at a very low concentration and with proven compatibility in a variety of material combinations. The company says that using its products, manufacturers can replace existing metal components with composite materials, and shed weight without sacrificing durability.
“I believe this is a revolutionary moment in the industry,” comments MITO Materials CEO, Haley Marie Keith. “The world is shifting to a need for lighter, stronger, and more sustainable materials; right now we need something better than metal. The partners we secured through this funding round have pulled together strategic customers and suppliers that will help us scale and meet this very pressing market need.”
This investment follows the company’s receipt of more than $1.1 million in R&D grants from the National Science Foundation (Alexandria, Virg., U.S.) and participation in the Heritage Group Hardtech Accelerator powered by Techstars (Boulder, Colo., U.S.) in late 2019. Additional Series Seed investors who participated in this round include CavAngels (Charlottesville, Virg., U.S.); Indiana-based HG Ventures; Elevate Ventures and VisionTech Angels; and Cortado Ventures (Oklahoma City, Okla., U.S.).
“MITO’s technology has tremendous potential to positively impact many industries—from electric vehicles to bioplastics—and we have the utmost confidence in Haley as an operator and a leader,” says Paul Seidler, managing director at Clean Energy Trust. “We welcome MITO Material Solutions to our portfolio and look forward to supporting them throughout their growth and success.”
MITO Materials says it will use the funding to stay on the cutting edge as the company enters the market with new innovations and continue with its mission to empower a new era of advanced manufacturing where products are expected to be built better and last longer.
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