Bristol-based iCOMAT, a producer of composites for the aerospace, automotive, and defence sectors, has raised $22.5 million in a Series A round. The funding was co-led by the US venture capital firm 8VC and the $1 billion NATO Innovation Fund (NIF). Syensqo Ventures and existing investor Velocity Partners participated as well.
- iCOMAT was founded in 2019 by Greek scientist Evangelos Zympeloudis. It is a spin-out company from the University of Bristol, which has developed a fully automated manufacturing process for transforming carbon fiber into lightweight composite materials, called Rapid Tow Shearing (RTS) process.
"iCOMAT's Rapid Tow Shearing (RTS) process not only offers unparalleled structural efficiency, but unlocks fully automated production workflows, akin to automotive stamping lines. We are thrilled to partner with our investors and accelerate progress towards our mission — to revolutionize transportation by delivering the lightest structures and vehicles possible," said Dr. Evangelos Zympeloudis, founder and CEO of iCOMAT.
- iCOMAT is the first investment in the portfolio of NIF, an independent venture capital firm backed by 24 NATO allies. The fund was launched in 2022 to invest in businesses powered by science and technology that will improve the security, resilience, and defense worldwide.
"We're excited about iCOMAT's groundbreaking technology and believe they will play a critical role in building a more resilient and sustainable future. We are proud to be investing in teams that are revolutionizing the transportation and defence sectors, from ground to sky to space," Kelly Chen, partner at the NATO Innovation Fund, commented in the statement.
- A round was co-led by 8VC, the US venture capital focusing on infrastructure IT, biology, healthcare, logistics, government, and defense in early-stage, seed, and late-stage venture rounds. At this moment, 8VC has more than 175 companies in its portfolio.
- The funding is going to help with automating the production of iCOMAT composites and the construction of its first production facility in Gloucester, which is scheduled to be finished by the end of 2024.
