Advanced-Surface Modifications Company Nelumbo Raises $14 Million 

By Dan Anderson ● Apr 16, 2020
  • Nelumbo — a pioneer in the field of advanced-surface modifications — announced that it raised $14 million in a new round of funding as part of a Series-A expansion

Nelumbo — a pioneer in the field of advanced-surface modifications — announced that it raised $14 million in a new round of funding as part of a Series-A expansion led by Prime Mover’s Lab and the University of Tokyo Edge Capital (UTEC) with support from Safar Partners, Darwin Venture Management, Neue Fund, and additional investment from existing shareholders Berkeley Catalyst Fund, Photon Fund, and Danfoss.

With this round of funding, Nelumbo will significantly grow its cooling unit. And the company will be launching a new business line while continuing to explore and develop its advanced technology platform.

Nelumbo is known as the leader in using nanostructure to create massive opportunities for people and the planet. The company serve its clients by empowering them to sustainably grow and deliver unique market-defining products. And their technology is utilized by large global companies to design and apply precise nanostructures to surfaces in a low-cost and scalable and environmentally sustainable manner.

Commercial applications with nanostructured surfaces for cooling systems (air conditioning and refrigeration) and textiles (performance outerwear), representing a growing market valued at over $200 billion while also being responsible for 500 million tons of carbon equivalent emissions per year. Nelumbo is continuously expanding how its platform changes products and lives with new partnerships that push forward the adoption of nanostructure as a powerful tool to solve our civilization’s most important problems.

Before the funding, Nelumbo was experiencing a period of tremendous growth as it saw significant new commercial partnerships and a 10-fold increase in revenue.In connection with the funding, Nelumbo added new directors to the board. The new board members include David Walther, co-founder and SVP engineering at Nelumbo; Dakin Sloss, founder and general partner at Prime Mover’s Lab; and Keisuke Ide, partner at UTEC.

Key Quotes:

“We are very excited to welcome new partners who create a powerful balance that matches well with our ambitions. Since our founding five years ago, we have been successful in attracting significant commercial partners, validating large market pain points, and developing opportunities for new verticals. With the financing and support from our new partners, we plan to double down on our leadership position as the company transforming the products that form the fabric of our society.”

-Nelumbo CEO Liam Berryman

“By improving the materials we use, Nelumbo leads the way in producing superior products for both people and the planet. The team’s relentless focus on serving clients in some of the world’s most important markets is inspirational. We at Prime Mover’s Lab are grateful for the opportunity to contribute as a partner in their ambitious journey and believe Nelumbo will change the future of advanced materials.”

Prime Mover’s Lab founder and general partner Dakin Sloss

“Nelumbo’s technology platform is very powerful, with the potential to solve not one but many problems faced by humankind. We were impressed with the management team’s discipline in creating a focused business area and creativity in introducing a new business model for the industry. Its beachhead market, HVAC-R, is a significant industry worldwide, and especially so in Asia.  We look forward to working with the team to expand business in the region.”

-Keisuke Ide, partner at UTEC