iCOMAT, an innovator in the advanced composite manufacturing space, announced the successful closing of its Series A funding round at $22.5 million. This funding round was led by 8VC, and co-led by NATO Innovation Fund. Other investors joining the round include Syensqo Ventures and existing investors Velocity Partners VC.
iCOMAT’s automated and scalable manufacturing technology delivers lighter, stronger, and more sustainable structures for aerospace and automotive vehicles.
The heavier a vehicle is, the more energy it consumes to move. The demand for lighter vehicles (produced at faster rates) is rising. Meeting this demand is essential to strengthening defensive capabilities and reducing emissions. But new processes and materials either offer incremental benefits or are not financially viable at scale.
iCOMAT’s technology addresses these issues by utilizing a breakthrough in composite materials and carbon fiber. And unlike conventional methods, which produce components by stacking multiple straight fiber layers, iCOMAT developed the world’s first production technology that enables fiber steering – the ability to steer the fibers to optimize the properties of a structure at any point. This technology can help reduce weight by 10% to 65% compared to commercial solutions and can increase production rates by ten times.
iCOMAT is now working with over 25 customers across the aerospace, automotive and defence sectors, and has successfully delivered demonstrator parts for some of the most demanding applications, including fighter aircraft panels, space launcher structures, and Formula 1 components.
To service demand, iCOMAT builds its first production factory in Gloucester, UK. And the 45,000 square foot, state-of-the-art manufacturing facility will house three fully automated Rapid Tow Shearing (RTS) production lines, alongside an array of advanced processing equipment. The factory will be online by the end of the year, and able to go from raw material to final parts.
KEY QUOTES:
“iCOMAT’s Rapid Tow Shearing (RTS) process not only offers unparalleled structural efficiency, but unlocks fully automated production workflows, akin to automotive stamping lines. We are thrilled to partner with our investors and accelerate progress towards our mission – to revolutionize transportation by delivering the lightest structures and vehicles possible.”
- Dr. Evangelos Zympeloudis, founder and CEO of iCOMAT
“iCOMAT is solving some of the most critical problems in materials, and the breakthroughs they’re making today will play a decisive role in the future of both combat and mobility.”
- Alex Moore, Partner, 8VC
“We’re excited about iCOMAT’s groundbreaking technology and believe they will play a critical role in building a more resilient and sustainable future. We are proud to be investing in teams that are revolutionising the transportation and defense sectors, from ground to sky to space.”
- Kelly Chen, Partner, NATO Innovation Fund
