Equispheres, an Ottawa, Ontario, Caanda-based material science company, raised $30m in Series B funding.
The round was led by HG Ventures, with participation from Sustainable Development Technology Canada (SDTC), BDC, Canada’s bank for entrepreneurs, and other undisclosed contributors.
The round was comprised of:
– $10m in equity investment from HG Ventures,
– $8m dollar grant from SDTC,
– $5m subordinated financing from BDC,and
– $7m in undisclosed funding.
The company intends to use the funds to scale up production, and invest in R&D partnerships in automotive, aerospace & defense industries. Specifically, the areas the company will focus on are:
– Improve reactors for higher volume and lower cost production
– Accelerate research and development projects with strategic partners in the automotive, aviation, space and defense industries
– Hire and develop talent, creating high quality jobs
– Develop application support services for the automotive, aviation, space and defense industries to facilitate advanced manufacturing opportunities made possible with the materials Equispheres has developed.
Led by Kevin Nicholds, President and CEO, Equispheres is a materials science technology company focused on additive manufacturing applications. Equispheres focuses on engineering and providing ultra-high-performance, mono-sized metal powders and invests heavily in R&D around metallurgy and alloy development.