U.S-based startup Urbix Resources has announced closing its Series A round of financing with an oversubscribed commitment of $3.5 million USD. The Company states that in addition to current investors and management, this round included an international investment from a management company based in Mexico.
âIt was gratifying to find ourselves in a position where our funding objectives were oversubscribed,â comments Executive Chairman Nico Cuevas. âThis allows us to focus on our main initiatives including the construction of our low-cost/clean tech pilot purification facility and the construction of our proprietary pristine graphene reactor. This leads us to our goal of bringing graphene at a commercial scale to the market at about $1 per gram.â
Part of Urbixâs attraction for investors is the actual income already being generated by sales of graphite drawn by the companyâs commercial milling operations outside Hermosillo, Sonora, Mexico and the graphene and graphene-based products being created in the companyâs state-of-the-art lab in Mesa, Arizona.
âA big part of the work weâre doing right now is drawing a map for success,â says Vice-Chairman, Anthony J. Parkinson. âThese are talented young men with big vision. Itâs been my pleasure to guide them and help them make their vision a reality. Closing the Series A puts us all in a position to bring it home.â