HALIFAX, April 11, 2017 /CNW/ - Metamaterial Technologies Inc. ("MTI"), a smart materials and photonics company, announced today it has closed its institutional "Series A" equity financing worth $8.3 million led by Radar Capital Inc., with participation from Innovacorp, and other investors. This capital was raised to support the commercialization of MTI's aerospace laser protection product, metaAIRTM and the development of production tools for its smart material platform technology.
"MTI is a world leader in metamaterials and is at a stage of development where Radar's investment can propel MTI to commercialization," said Mark Lerohl, President and CEO of Radar Capital Inc. "We invest in companies looking for growth equity to access international markets while building towards a liquidity event for investors."
"We look forward to working with our new institutional investors to accelerate the commercialization of metaAIRTM, expand our team and move MTI from pilot production to scaled-up manufacturing" said George Palikaras, Founder and CEO of Metamaterial Technologies Inc.
"We are pleased to make a follow-on investment in MTI and have Radar Capital as a co-investor," said Charles Baxter, vice president of investment at Innovacorp. "MTI continues to demonstrate the world-class capabilities of its technology platform as it commercializes its laser-protection solution for the aviation industry. We are confident in MTI's ability to address significant challenges in many other verticals."
MTI's platform technology is gaining international attention for its ability to manipulate light in unprecedented ways. In 2014, MTI's Lamda Guard division signed a partnership agreement with Airbus to test and tailor metaAIR™, which is a flexible metamaterial optical filter engineered to protect vision against harmful laser beams aimed at aircraft. In 2016, MTI acquired Rolith Inc's business, a Silicon Valley based nanofabrication company to accelerate its ability to develop large-scale optical metamaterial products. In 2017, MTI entered into a new agreement with Airbus to co-develop, certify, and commercialize metaAIRTM. metaAIRTM will provide laser protection to pilots in the aviation industry and can offer solutions in other industries including the military, transportation and glass manufacturers.
About Metamaterial Technologies Inc.
Metamaterial Technologies Inc. ("MTI") is a smart materials and photonics company specializing in metamaterial research, nanofabrication, and computational electromagnetics. The company has developed a new class of optical smart materials, changing the way we use, interact and benefit from light. MTI is headquartered in Halifax, Nova Scotia and has offices in London, England and Pleasanton, California. To learn more visit www.metamaterial.com
About Radar Capital
Radar Capital is a private capital firm that focuses on investing in pre-IPO companies. Radar Capital Inc. concentrates on non-control growth investments in private Canadian companies that offer a commercialized product or service, outside of real estate and natural resources. To learn more visit www.radarcapital.ca
Innovacorp is Nova Scotia's early stage venture capital organization. It works to find, fund and foster innovative Nova Scotia start-ups that strive to change the world. Early stage investment is at the core of Innovacorp's business model. It also gives entrepreneurs access to world-class incubation facilities, expert advice and other support to help them accelerate their companies. Learn more at www.innovacorp.ca
SOURCE Metamaterial Technologies Inc.
For further information: Media Contacts: Cindy Roberts, Metamaterial Technologies Inc., 1-902-222-3658, [email protected]; Elizabeth Naumovski, Radar Capital Inc., (416) 595-9106, [email protected]; Dawn House, Innovacorp, 902-424-8670 ext. 1189, [email protected]