Wednesday, August 26, 2015

Modumetal Finds $33.5M In New Funding

Seattle-based Modumetal, which is developing nanolaminated metals aimed at protecting metal parts against corrosion, said Tuesday that it has raised a round of financing. Size of the funding was not announced by Modumetal, however, the round was worth a total of $33.5M in equity and debt. The funding was led by Founders Fund, and also included Chevron Technology Ventures, BP Ventures and ConocoPhillips. The company said funds will go towards building out its manufacturing capacities, specifically to meet demand in the oil and gas market. More information »