Equispheres, a materials science company based in Ottawa, Ontario, Canada, has raised Series B investment and a new round of funding totalling C$30 Million, at an undisclosed valuation. This round of funding was led by advanced materials and sustainable technology investor HG Ventures, with participation from Sustainable Development Technology Canada (SDTC), BDC and other undisclosed contributors.
The round was comprised of C$10 million in equity investment from HG Ventures, an C$8 million-dollar grant from SDTC, C$5 million subordinated financing from BDC (previously announced and now released under conditions met with this raise) and an additional C$7 million in undisclosed funding. Equispheres had previously announced the C$8 million grant contribution from SDTC in January 2020.
According to the company, this new round of funding will largely be used to scale up production capacity and facilitate R&D efforts with strategic industry partners, focusing on the following areas:
- Improving reactors for higher volume and lower cost production
- Accelerating research and development projects with strategic partners in the automotive, aviation, space and defence industries
- Hiring and developing talent, creating high-quality jobs
- Developing application support services for the automotive, aviation, space and defence industries to facilitate advanced manufacturing opportunities made possible with the materials Equispheres has developed
Within the last year, Equispheres has released two major reports on the results of testing on its unique metal powders. One outlined how its powder outperformed in Additive Manufacturing aerospace-ready quality tests, and another revealed that the company had been successful in developing an aluminium alloy powder suitable for Binder Jet Additive Manufacturing, which was previously unfeasible.
Kevin Nicholds, President and CEO of Equispheres, stated, “We are extremely excited to have HG Ventures as a partner; their extraordinary combination of research capability and venture capital experience made them an ideal partner to understand both the technical and market potential of our product across the transportation industry. We are also grateful to have the support of the Canadian government, enabling us to leverage investor financing to achieve our objective of providing a high-quality product at volume levels the marketplace demands.”