Adama Materials, Inc., a Honolulu, Hawaii-based developer of nanotechnology-based advanced materials, has completed a $4.75m Series A equity financing.
The round was led by Artiman Ventures, along with Startup Capital Ventures, the company’s founders and a group of Hawaii-based angel investors including Cellular Bioengineering Inc.
The new funds will enable the commercialization of the technology Adama has developed over many years at the University of Hawaii.
The company appointed Tim Dick from Startup Capital Ventures as CEO and a member of the board of directors. Amit Shah of Artiman Ventures and John Dean of Startup Capital Ventures join founder and chief technology advisor, Dr. Mehrdad Ghasemi Nejhad, on the board.
The company’s co-founder, Donavan Kealoha, will serve as director of administration and general counsel.
Funded originally through grants from the United States Office of Naval Research, the company now has active projects with tier-one aerospace and composites companies and several patents.