Modumetal scores new funding |
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Modumetal scores new funding
Modumetal, a Seattle startup that is developing new metals and metal coatings designed to be stronger, lighter and more corrosion-resistant than steel, has raised more than $1.5 million in new funding from Second Avenue Partners, the Alliance of Angels, and other investors. The company is preparing to bring its first products to market this year.
Modumetal was founded in late 2006, and raised about $2 million the following year. Second Avenue and the Alliance of Angels were behind that earlier round as well.
The 15-person company uses nanotechnology to develop the new metals. It's currently working on corrosion-resistant coatings for the oil and gas industry (for refinery and power plant equipment and pipelines) as well as cars, airplanes and military vehicles, said CEO Christina Lomasney. Lomasney, a University of Washington grad, is a veteran of Boeing and previously co-founded Isotron, a composite metals company.
"We're really excited about some of the new markets this is opening up," said Dan Rosen of the Alliance of Angels, who serves on Modumetal's board. "Anything that uses metal in the future could use Modumetal."
Rosen said the new funding for Modumetal is between $1.5 million and $2 million.
Modumetal has a two-year, $750,000 contract with the U.S. Defense Logistics Agency to develop metals for a lightweight suspension system for military land vehicles. Earlier this month, the Washington Technology Center awarded a $5,000 grant to the University of Washington to support a research collaboration wtih Modumetal. Lomasney said Modumetal has several other commercial contracts, but declined to give details.
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