USA: Nelumbo, a pioneer in advanced surface modifications, which could improve heat exchanger performance and corrosion resistance, has raised $14m in new funding.
The investment, part of a Series-A expansion led by Prime Mover’s Lab and University of Tokyo Edge Capital (UTEC), includes additional investment from its existing shareholders.
One of those shareholders is Danish manufacturer Danfoss, which plans to develop and produce advanced, customised solutions for the air conditioning and refrigeration market.
Founded in Berkeley in 2015, Nelumbo has developed a special surface treatment technology that can be used for improved heat exchanger performance and corrosion resistance. Products include Ice-Nein, which is said to reduce defrosting times, maintaining a cleaner operation and improving energy performance, and Omniphobe, a coating for air conditioning coils, keeping them clean and dry, and boosting efficiency.
With the added funding, Nelumbo says it will significantly grow its cooling unit and launch a new business line while continuing to explore and develop its advanced technology platform.
“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.”
Danfoss invests in US coil coating firm – 27 June 2018
USA/DENMARK: Continuing to invest in new technology, Danfoss has acquired a minority stake in Nelumbo, a California-based developer of heat exchanger surface treatment technology. Read more…