INDIANAPOLIS—MITO Material Solutions, a developer of additives that are said to enable polymer manufacturers to enhance product performance, announced an oversubscribed $1 million series seed funding round led by two Chicago-based firms, Dipalo Ventures and Clean Energy Trust, the company said in a release.
This investment follows MITO Materials’ receipt of more than $1.1 million in R&D grants from the National Science Foundation and participation in the Heritage Group Hardtech Accelerator, powered by Techstars, in late 2019. Additional series seed investors who participated in this round include Charlottesville, Virginia-based CavAngels; Indiana-based HG Ventures, Elevate Ventures, and VisionTech Angels; and Oklahoma-based Cortado Ventures, the release said.
Led by married founders Haley Marie and Kevin Keith, MITO Materials has pioneered a proprietary graphene-functionalization technique that creates hybrid polymer modifiers. MITO additives are reported to enhance fiber-reinforced composites and thermoplastics up to 135 percent beyond standard performance metrics.
MITO E-GO and other products in development are engineered to integrate into existing production lines at an extremely low concentration and with proven compatibility in a variety of material combinations. With MITO, manufacturers can replace existing metal components with composite materials, shedding weight without sacrificing durability, the release said.
“I believe this is a revolutionary moment in the industry,” said MITO Materials CEO Haley Marie Keith, in the release. “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.”
“MITO’s remarkable 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,” said Paul Seidler, managing director at Clean Energy Trust, in the release. “We welcome MITO Material Solutions to our portfolio and look forward to supporting them throughout their growth and success.”
MITO Material Solutions (https://www.mitomaterials.com/) is a specialty chemical company that produces graphene-based hybrid polymer modifiers that enhance material performance at a 0.1% concentration. The company’s products are said to be easily dispersible, safe to handle, and scalable, and are designed to empower manufacturers to adopt new materials without changing their current manufacturing processes.