Carbodeon has closed a EUR 1.5 million funding round from Straightforward Capital, a Finnish venture capital firm.
According to Carbodean, the round follows major financing already received from biotech and advanced materials sector investor Enso Ventures.
Carbodeon explains that its patented technologies offer superior performance when used as additives in applications including thermal management materials, metal plating and selected polymer coating applications. It says that its different grades of easy-to-use and cost-efficient Ultra-Dispersed NanoDiamonds enable improved lifetime and conductive performance for electronic appliances, automotive parts and industrial manufacturing line components.
The funding will be used to expand nanodiamond manufacturing capacity, recruit new talent and enhance customer support. Further investments in R&D will allow it to continue to innovate and develop new products and applications.
“With these investments we can expand our manufacturing technology and extend our global presence,” said Vesa Myllymäki, CEO of Carbodeon. “This funding, combined with our innovative partnerships with customers and partners, will enable us to grow significantly within our key application areas.”
“The decisive factors in our decision to invest into Carbodeon were their understanding of the market needs and their capacity to build client solutions which are cost–efficient and scalable. They bring tremendous competitive advantages to their clients, which is a recipe for success for any company,” said Seppo Savolainen, Co-founder of Straightforward Capital and Chairman of the Board of Directors of Carbodeon.