Nelumbo, a Hayward, Calif.-based leader in advanced-surface modifications, raised $14m in new funding—part of a Series-A expansion.
The round was led by Prime Mover’s Lab and the University of Tokyo Edge Capital (UTEC), with participation from Safar Partners, Darwin Venture Management, Neue Fund and additional investment from existing shareholders Berkeley Catalyst Fund, Photon Fund, and Danfoss. In conjunction with the financing, David Walther, co-founder and SVP engineering at Nelumbo; Dakin Sloss, founder and general partner at Prime Mover’s Lab; and Keisuke Ide, partner at UTEC, joined its board.
The company intends to use the funds to grow its cooling unit, which currently comprises two key product lines, and launch a new business line while continuing to explore and develop its advanced technology platform.
Led by CEO Liam Berryman, Nelumbo provides nanostructure to enable clients to create and deliver market-defining products such cooling systems (air conditioning and refrigeration) and textiles (performance outerwear). The technology is leveraged by large global companies to design and apply precise nanostructures to surfaces in a low-cost, scalable and environmentally sustainable manner.