MITO Material Solutions, a developer of performance-enhancing additives for polymers, has announced an oversubscribed $1 Million Series Seed funding round led by two Chicago-based firms, Dipalo Ventures and Clean Energy Trust.
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.
MITO Materials CEO, Haley Marie Keith commented, I believe this is a revolutionary moment in the industry. 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 industriesâfrom electric vehicles to bioplasticsâand we have the utmost confidence in Haley as an operator and a leader, said 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.
Rafiq Ahmed, Managing Director at Dipalo Ventures says, We started Dipalo Ventures to discover and back exceptional teams solving complex problems. MITO has the opportunity to fundamentally impact cost and performance of critical applications across a range of materials used in products people need every day. Haley, Kevin and the MITO team have displayed grit, capability, and results to get to this point and we are excited to be part of their journey. Dipalo Ventures will take a seat on the MITO Board.
MITO Materials will use the funding to stay on the cutting edge as they enter the market with new innovations and continue with their mission to empower a new era of advanced manufacturing where products are expected to be built better and last longer.