Metamaterial Technologies Inc., a smart materials and photonics company, has raised $8.3 million in “Series A” led by Radar Capital Inc., with participation from Innovacorp, and other investors. The financing closed in tranches.
New funds will be uses to support the commercialization of MTI’s aerospace laser protection product, metaAIRTM and the development of production tools for its smart material platform technology.
“MTI is a world leader in metamaterials and is at a stage of development where Radar’s investment can propel MTI to commercialization,” said Mark Lerohl, President and CEO of Radar Capital Inc. “We invest in companies looking for growth equity to access international markets while building towards a liquidity event for investors.”
“We look forward to working with our new institutional investors to accelerate the commercialization of metaAIRTM, expand our team and move MTI from pilot production to scaled-up manufacturing” said George Palikaras, Founder and CEO of Metamaterial Technologies Inc.
“We are pleased to make a follow-on investment in MTI and have Radar Capital as a co-investor,” said Charles Baxter, vice president of investment at Innovacorp. “MTI continues to demonstrate the world-class capabilities of its technology platform as it commercializes its laser-protection solution for the aviation industry. We are confident in MTI’s ability to address significant challenges in many other verticals.”
Metamaterial Technologies Inc. is a smart materials and photonics company specializing in metamaterial research, nanofabrication, and computational electromagnetics. The company has developed a new class of optical smart materials, changing the way we use, interact and benefit from light.
photo credit: Metamaterial Technologies