Venture Capital News: Nelumbo Raises $14M in Series A Funding
HAYWARD, CA, Nelumbo has raised $14M in new funding-part of a Series-A expansion led by Prime Mover's Lab and the University of Tokyo Edge Capital.
Nelumbo, a pioneer in the field of advanced-surface modifications, announced that it has raised $14 million in new funding-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 the added funding, Nelumbo will significantly grow its cooling unit, which currently comprises two key product lines, and launch a new business line while continuing to explore and develop its advanced technology platform. Prior to the financing, Nelumbo experienced a period of tremendous growth, with significant new commercial partnerships and a 10-fold increase in revenue.
"We are very excited to welcome new partners who create a powerful balance that matches well with our ambitions," said Nelumbo CEO Liam Berryman. "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."
In conjunction with the financing, Nelumbo added new directors to the board. They 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.
"By improving the materials we use, Nelumbo leads the way in producing superior products for both people and the planet," said Dakin Sloss, founder and general partner of Prime Mover's Lab. "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."
Nelumbo helps its business partners differentiate their product lines from the competition, creating greater value in an otherwise commoditized environment. Beyond monetary value, Nelumbo's products also contribute to reducing the depletion of natural resources and create greater energy and emissions efficiencies.
"Nelumbo's technology platform is very powerful, with the potential to solve not one but many problems faced by humankind," said Keisuke Ide, partner at UTEC, which specializes in investments in deep technology. "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."
Nelumbo is the leader in using nanostructure to create massive opportunities for people and the planet. We serve our clients by empowering them to sustainably grow and deliver unique market-defining products. Our technology is leveraged by large global companies to design and apply precise nanostructures to surfaces in a low-cost, scalable and environmentally sustainable manner. Today, commercial applications with nanostructured surfaces for cooling systems (air conditioning and refrigeration) and textiles (performance outerwear) represent a growing market valued at more than $200 billion while also being responsible for 500 million tons of carbon equivalent emissions per year. We are continuously expanding how our 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.
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