Modumetal, a Seattle, WA-based developer and manufacturer of a new class of nanolaminated metals and materials, closed an expansion round of funding of undisclosed amount.
The round was led by Founders Fund with participation from Chevron Technology Ventures, BP Ventures and ConocoPhillips as well as Sunshine Tech Limited, Steve Singh, Catamount Ventures, Second Avenue Partners, Goldenseeds and members of the Alliance of Angels.
Hercules Technology Growth Capital, a specialty venture debt financing company, also participated as a debt partner and equity investor.
The company intends to use the funds to build out its manufacturing capability.
Led by Christina Lomasney, co-founder, CEO and president, Modumetal uses nano-layering technology to produce an entirely new class of metals and materials that are stronger and lighter, more corrosion resistant and durable than conventional steels and alloys.
The company firstly targets the the oil and gas sector to adopt the technology with future applications across a range of industries including aerospace, automotive and construction.