Fusion Coolant Achieves First Close on Series B, Moves Headquarters
University of Michigan and Amherst Fund LLC participate in $1.25M first close of Series B financing with additional investors expected to join over the next six months.
CANTON, Mich., August 23, 2016-- Fusion Coolant Systems, a University of Michigan spinout, has announced today that it has raised $1,250,000 in its first close of Series B funding. The round was led by MINTS, the direct venture program of the University of Michigan’s Investment Office. Amherst Fund LLC also participated in the first close of the Series B financing, with additional investors expected to join the financing over the next six months. The funds will be used to capitalize Fusion’s laboratory expansion in Canton, MI and to grow the engineering and sales team.
“MINTS is enthusiastic to lead Series B given Fusion’s growing market acceptance in the biomedical sector and the inroads it continues to make within the automotive and aerospace sectors”, said Rafael Castilla, Director of Investment Risk Management with the University of Michigan. “Fusion has proven its technology and is transitioning its focus to business execution and scaling.”
“Fusion is disrupting the traditional view of coolants and lubricants used in manufacturing,” said inventor Steve Skerlos, Interim CEO of Fusion Coolant Systems and Arthur F. Thurnau Professor of Mechanical Engineering at the University of Michigan. “Instead of being a toxic ‘necessary evil’ as is the case with traditional fluids, Fusion’s supercritical carbon dioxide metalworking fluids can increase production rates, increase tool life, protect worker health, and eliminate water pollution, all while reducing a factory’s carbon footprint.”
“Fusion’s Pure-Cut and Lube-Cut products offer a competitive advantage to the world’s most demanding metalworking processes, and we are excited to be a part of this company,” said Matt Turner, President and CEO of Amherst Fund and an experienced manufacturing industry investor.
About Fusion Coolant Systems
Fusion Coolant Systems provides patented supercritical carbon dioxide cooling and lubrication to metal cutting and forming applications. Using recycled CO2 in the form of supercritical carbon dioxide increases production rates, lowers system costs, and dramatically extends tool life. In doing so Fusion provides clean manufacturing technology that protects both worker health and the environment. Based in Canton, Michigan, Fusion Coolant Systems is a privately held company. For more information, please visit http://www.fusioncoolant.com
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