PlasmaBound, a University College Dublin spin-out specializing in “lightweight” technology, has raised €2.35 million in its latest funding round.
The investment round, led by Act Venture Capital and backed by Atlantic Bridge University Fund, Enterprise Ireland (EI) and private investors, will help the Company accelerate its development of controlled polymer ablation (CPA) technology.
The patented technology helps manufacturers reduce product weight and meet fuel efficiency and carbon emissions requirements, and has applications for vehicles, equipment and structures, the company said.
“The level of real-world plasma control achieved with CPA will enable industry to make ubiquitous, cost-effective and creative uses of composites,” said John O’Sullivan, general partner at Act Venture Capital.
“It will enable a major step forward in the use of composites, something I think the industry has been waiting for.”
CEO Alan Barry said CPA’s use is currently limited to high-tech applications due to cost and complexity, but the funding secured by the company is a sign of confidence that the technology has a future in mainstream mass production.
Headquartered in NovaUCD, PlasmaBound was founded in 2017 by Dr. James Nicholas Barry, Alan Barry and Xavier Montibert established as a spin-out from the UCD College of Engineering and Architecture following the completion of Enterprise Ireland Commercialization Funding.
The company completed a €1.1 million investment round in June 2020 to build its first generation product offering and support the company’s marketing efforts. EI and Atlantic Bridge also supported this fundraiser.
Atlantic Bridge is a global technology investment firm with over €1.3 billion in assets under management across eight funds investing in deep tech companies in Europe and the US. It supports a portfolio of more than two dozen companies and has successfully exited more than 20 investments.
Act Venture Capital is an early-stage venture capital firm that works with founders and established teams to scale their growth to address large markets.
Based in Clonskeagh, Dublin, the company has raised €500 million and supported 200 founders. Exits include Storyful, Stockbyte, and Trustev.
https://www.independent.ie/business/irish/plasmabound-completes-235m-fundraiser-in-drive-to-send-lightweight-tech-mainstream-41605933.html PlasmaBound completes €2.35 million fundraiser to bring ‘lightweight’ technology into the mainstream