Scottish tech company Integrated Graphene has secured £3.1 million of funding to kickstart its production of new ‘breakthrough’ 3D graphene foam.
Led by Archangels, the six-figure investment also included funding from Par Equity, Techstart Ventures and ESM Investments.
A number of Integrated Graphene’s original seed investors also participated in the fundraiser, the firm revealed.
The boost will be used to fund equipment to demonstrate product performance and to ‘significantly expand’ resources for commercialisation of its 3D graphene foam, Gii.
Claus Marquordt, co-founder and CEO of Integrated Graphene commented: “We are very pleased to have the continued support of our seed investors who have helped us shape and scale this revolutionary business from an idea to commercial launch-ready.
“Ultimately, this funding round will enable us to capitalise on being first to market world-wide with high performing, cost-effective, application-specific 3D Graphene Foam, enabling better products.”
Based in Stirling, Integrated Graphene says it has developed an innovative manufacturing process that enables the company to produce high performing 3D graphene (3DG) foam directly onto any surface, at room temperature and in seconds.
Graphene is said to be 100 times stronger than steel, very light, extremely flexible and a highly efficient conductor of electricity. As a result, its properties have the potential to improve a wide range of applications.
Graphene is expected to have applications in human diagnostics, power storage, electronics, solar power and water filtration. However, existing manufacturing methods make it extremely expensive to produce in large quantities and quality consistency has been an issue.
Long-term, the firm hopes to tap into the rapidly expanding worldwide graphene market, which is estimated to be worth $1.6 billion by 2025 and grow to as much as $6 billion by 2030.
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Niki McKenzie, Joint Managing Director at Archangels, said: “The mass production of high-quality graphene at a commercially attractive price has long been seen as the holy grail in this sector and Integrated Graphene has the potential to lead the world in this arena.
“We are confident that, with supportive shareholders, the business can take the next step in its ambition to scale up its manufacture of this invaluable material.”
Robert Richmond, Investment Director at Techstart Ventures, added: “Claus and Marco’s deep-domain expertise and commercial instincts impressed us from our first interaction. We are thrilled to be supporting this round.”