Modumetal Announces $14 Million for Nanolamination Coating Technology

By Thomas Price | Tuesday, 08 February 2022 | Startup, Tech

Modumetal is a tech startup that provides business owners with higher-performing industrial materials by using nanolamination coating technology. The company recently announced the close of its Series A-2 funding round to scale the business and generate new partnerships across multiple industries.

How Modumetal Works and Diversity of Business

The tech startup has a number of different products that focus on protecting metal based on a material’s wear and tear.

NanoGalv is a zinc-nickel nanolaminate that helps increase metal materials’ resistance to corrosion and overall durability. NanoPlex is a nickel-cobalt nanolaminate that also helps metals resist corrosion but specializes in reducing wear and tear from subsurface applications such as underground mining. ModuGalv is designed more specifically for use in infrastructure and uses its iron-nickel base to extend the overall lifespan of metal materials and reduce the need for replacement.

The company reports a significant increase in a material’s long-term performance once it has been coated by one of the nanolaminates in comparison to those that have not. The tech startup claims a 30x increase in corrosion resistance and a higher performance level in hot temperatures. Additionally, Modumetal claims its coated products can have a lifespan of up to 10x longer than non-treated metals. 

The tech startup is expanding its business across several different industries. The company now provides its nanolaminate technology to companies in mining, oil and gas drilling, aerospace, renewable energy, infrastructure, automotive, railways and subways, construction, and shipbuilding. 

Modumetal is a part of the global metal coating market estimated to be worth over $12 billion in 2021. The market is projected to reach a total value of more than $15 billion by 2026 at a compound annual growth rate (CAGR) of 8.3%. Key factors for future growth are the rapid industrialization across the globe and the growth of other industries such as infrastructure and renewable energy.

Modumetal Funding Round and Future Business Plans

In its Series A-2 funding round, Modumetal raised $14 million in capital. The funding round was led by Atlas Innovate and Rotor Capital. The company also announced that Robert Workman, Head of Manufacturing at Brightdrop Tushar Porwal and CEO and Director of PSS Industrial Group, will join the Modumetal board of directors. 

Modumetal is planning on using the new funding to continue commercializing its coating technology in new industries and scale operations to meet growing demand. Additionally, the tech startup is focusing its new marketing and outreach efforts in the automotive and renewable energy industries. Furthermore, the company expects to improve its equipment capabilities.

When commenting on the latest funding round for the startup company, Modumetal CEO Dennis Creech said, “We are revolutionizing nanolaminated materials, making industrial products more corrosion resistant to withstand the harshest environments on the planet and supporting new industrial capabilities that would not be possible without Modumetal. This latest funding will enable us to continue scaling our business to meet the increased demand from a growing number of industrial customers, including global companies in the energy and automotive sectors. I look forward to working with our investors and with Tushar and Robert to seize on the many opportunities in front of us.”

About the Author

Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.