Fusion Coolant Raises $8 Million in a Series C Financing Round Led by Material Impact
The University of Michigan spinout is undergoing aggressive business expansion to accommodate substantial customer orders and sales growth.
Canton, Michigan, October 4, 2018 - Fusion Coolant Systems, today announced that is has raised $8 million Series C financing led by Material Impact, a Boston-based venture capital firm and Michigan Capital Advisors, a Michigan private equity firm. The round was also strongly supported by existing investors including MINTS- Michigan Investment in New Technology Startups, Amherst Fund and Invest Michigan. The capital will be used to grow the company’s staff, operations, equipment and personnel.
Fusion Coolant Systems has commercialized a patented disruptive technology that uses supercritical CO2 as a cutting fluid to reduce the costs of manufacturing in large sectors such as medical, aerospace, and automotive.
Founder Steven Skerlos, Arthur F. Thurnau Professor of Mechanical Engineering at the University of Michigan explained, “Our team has broken into some of the world’s industry leading manufacturers, proving that the technology improves the profitability of material removal operations while eliminating health and environmental hazards.”
“The addition of new investment firms, Material Impact and Michigan Capital Advisors, with their wealth of experience and profound domain expertise, is confirmation of the company’s progress during the last several years and a testament to its current business strategy and future prospects,” stated Rafael Castilla, director of investments, at the University of Michigan Investment Office, on behalf of MINTS.
“Fusion has developed an elegant technology to address the ubiquitous need for cooling whenever metal or hard polymers are machined. This transformative technology has the potential to enable higher productivity, create safer working conditions for machining workers, and improve the environment by minimizing the disposal of liquid coolants … all making a material impact to manufacturing machining operations,” said Adam Sharkawy, co-founder and managing partner, Material Impact.
Material Impact, Boston, MA is a Venture Capital Fund that invests in building companies which transform material technologies into products that make an impact on real world problems. For more information: www.materialimpact.com
“MINTS” – Michigan Investment in New Technology Startups – is a direct investment program in the University of Michigan’s endowment managed by its Investment Office. For more information: https://www.bf.umich.edu/about/#accordion-643
Michigan Capital Advisors, Bloomfield Hills, MI is a private equity firm focused on Tier II and III Suppliers in the automotive and transportation related industries with a presence in Michigan. For more information: www.michigancapitaladvisors.com
Amherst Fund, Ann Arbor, MI is a privately held investment company providing capital to privately held Midwestern companies across many sectors. For more information: www.amherstfund.com
Invest Michigan, Detroit, MI manages an investment fund that finances technology-based companies at early stages of product commercialization. Launched in mid 2014 through the support of the Michigan Strategic Fund, Invest Michigan has completed 87 investments in 49 companies across the State of Michigan. For more information: www.investmichigan.org