PlasmaBound Raises a Total of €3.1 million in Funding During 2022
PlasmaBound today announced that it secured a €750k investment from Business Venture Partners (BVP) in December further to a previous 2022 raise with Act Venture Capital, Atlantic Bridge and Enterprise Ireland, bringing to €3.1 million the total funding raised in 2022.
PlasmaBound has developed Controlled Polymer Ablation (CPA), a ground-breaking, environmentally friendly bonding technology for lightweight composite materials. CPA enables high speed and low-cost bonding of ultra-lightweight materials.
PlasmaBound’s vision is to make lightweight materials affordable for low to mid-range vehicles, moving the drive toward lower CO2 emissions and longer EV ranges into mass-market applications. This will accelerate viability of the EV proposition and have a step-change impact on sustainable manufacturing.
PlasmaBound, with 13 FTE, was co-founded in 2017 by Dr James Nicholas Barry, Alan Barry and Xavier Montibert, and was recently selected as one of 5 start-ups to win access to the Hyundai Motor Company and KIA Corporation sponsored 2022 Accelerate the Future Challenge.
“We are delighted to have secured this investment from BVP. It will help PlasmaBound bring about a further positive impact to the environment with the adaption of our CPA technology in manufacturing process throughout various sectors, with a particular focus on Automotive, Aerospace and Space, along with Consumer Electronics and Sports & Leisure,” said Alan Barry, CEO, PlasmaBound.
“BVP believes in transforming through technology and have been impressed by the environmental benefits that PlasmaBound can deliver across various sectors through the application of its CPA technology. BVP are pleased to be able to support this innovative company who are driving real value across global markets,” said Stephen Burdock, Director, BVP.
PlasmaBound, a University College Dublin (UCD) spin-out company, is headquartered at NovaUCD.
ENDS
20 January 2023
For more information contact Micéal Whelan, Communications and Media Relations Manager, NovaUCD, UCD Research and Innovation, e: miceal.whelan@ucd.ie or Abhilasha Tomar, Communications and Media Relations Executive, PlasmaBound, e: abhilasha.tomar@plasmabound.com.
Editors Notes
PlasmaBound’s goal is to enable industry to employ composite materials in lightweight vehicles, products and structures, as standard, at all price points. https://plasmabound.com
Since 2007, Business Venture Partners (BVP) has successfully raised and managed 16 Simple Green BES and EII Funds. BVP has invested, on behalf of investors, in some of Ireland’s most innovative companies such as HealthBeacon, Crawley Carbon, and UrbanVolt. https://www.bvp.ie/
Act Venture Capital is an early-stage venture capital firm that partners with founders and established teams trying to scale their growth to address large markets. The company has invested in over 120 companies and built a broad global network. http://actventure.capital/
Atlantic Bridge University Bridge Fund invests in entrepreneurs with the ambition to create world-class companies of scale. The University Bridge Fund is committed to investing in companies built from world class research. Atlantic Bridge partners with the most ambitious entrepreneurs to apply its proven global value creation model to scale cutting edge innovation. https://abven.com/university-bridge-fund/