Anti-Rust Startup Modumetal Secures $14M Series A-2
The Pacific Northwest is known for its boggy forests and rainy days, and while the climate makes for picturesque moody photos it can be devastating to cars and metal surfaces due to rust and corrosion. Fresh with funding Modumetal, a Seattle-based startup that produces anti-corrosion coatings, is looking to help car manufacturers and energy providers make rust a thing of the past.
On Monday, the nanolamination company announced it closed a Series A-2 round that reeled in $14 million to expand its tech into new markets, including the automotive industry. The round was co-led by Atlas Innovate and Rotor Capital.
Modumetal was founded in 2007 and manufactures oil and gas coatings that adhere to surfaces and provide anti-corrosion protection. According to the company, its products are made with sustainable manufacturing processes and offer two types of coatings — a zinc-nickel-based coating for high strength applications and a nickel-cobalt coating.
“The Modumetal team has done an incredible job of developing this groundbreaking technology platform. Their first coating systems are fully commercialized and have proven corrosion performance in the field that dramatically exceeds anything else available on the market,” Alain Rothstein, a partner at Atlas Innovate and Modumetal board member, said in a statement. “The company is well-positioned to support large-scale infrastructure projects and enable new capabilities in the next markets we’re going after. We’re excited to support Modumetal’s growth and look forward to working with Dennis [Creech, CEO of Modumetal], our growing board and the team.”
In a statement, the company announced that it would use the new capital to expand its customer base by trying to break into the automotive and energy industries. Modumetal will also work on licensure to develop new products.
“We are revolutionizing nanolaminated materials, making industrial products more corrosion resistant to withstand the harshest environments on the planet and supporting new industrial capabilities that would not be possible without Modumetal,” Creech said in a statement.
Since launching, Modumetal has raised $95.3 million in funding, according to Crunchbase.
In addition to its latest funding round, Modumetal announced that Tushar Porwal, a veteran of the automotive industry, and Robert Workman, an oil and gas industry vet, are set to join the company’s board of directors.