PolyPlexx, a South Charleston-based polymers company, has raised an additional $937,000 in early stage funding. Technology commercialization and investment group Crimson Hill led the investment with co-investments from the West Virginia Jobs Investment Trust and the INNOVA Commercialization Group.
PolyPlexx, a South Charleston-based polymers company, today announced that it has raised an additional $937,000 in early-stage funding. Founded by former Union Carbide senior researchers, the startup is scaling its novel and highly impact-resistant polyurethane lens product into multiple industries including solar panel protective coatings, eyewear, and defense applications.
Technology commercialization and investment group Crimson Hill led this latest investment with co-investments from the West Virginia Jobs Investment Trust and the INNOVA Commercialization Group.
The funding will provide for the continued commercial deployment of current product lines and further cooperative research and development partnerships with industry leaders in the chemicals and eyewear industries.
“With its potential to improve solar energy conversion and be used as a drop-in product in other established markets PolyPlexx’s innovative advanced material is a great fit for Crimson Hill,” said Tim Fogarty, Managing Director.
“Manufacturers are always looking to have a product advantage,” INNOVA Director Guy Peduto said. “There is a demand from the marketplace for technologically superior polymers, and the answer to that demand is in West Virginia.” INNOVA has been working with PolyPlexx since 2006 and in October 2012 made an early-stage investment of $253,500. “We are ecstatic about the progress PolyPlexx has made and are pleased to join Crimson Hill and WV JIT in this round of additional funding.”
PolyPlexx is a primary producer and licensor of its patented polyurethane material. The product is designed to be easily moldable to fit end-use applications and couple with other complementary technologies. Its high impact resistance and optical clarity offer significant improvements over available products in the market today at a comparable price. PolyPlexx spun off from the Mid-Atlantic Technology, Research and Innovation Center (MATRIC) in 2005 to further develop and commercialize its high-performance polyurethane technology. The polymer company operates from the West Virginia Regional Technology Park in South Charleston, a chemicals hub of the United States.
For more about PolyPlexx, visit www.polyplexx.com
About Crimson Hill
Crimson Hill invests in seed and early-stage technology based companies that provide measurable improvements in energy efficiency, environmental impact, and cost competitiveness to established markets.
West Virginia Jobs Investment Trust (JIT) is a public venture capital fund created to develop, promote and expand West Virginia’s economy by making investment funds available to eligible businesses, thus stimulating economic growth and providing or retaining jobs within the State.
WVJIT, created by legislation that was passed in 1992, is based in Charleston but also has an office in Fairmont in the same building where INNOVA is located. “Technically we are the state’s venture capital fund,” said Andrew Zulauf, Executive Director. “We were created to support small business and entrepreneurship.” WVJIT invests in small businesses that have an opportunity to grow. It looks to invest in companies that can provide a financial return to the state as well as create jobs.
The INNOVA Commercialization Group, an initiative of the WVHTC Foundation, is a statewide commercialization effort designed to advance economic growth by increasing the number of new products introduced into the marketplace by West Virginia innovators. INNOVA drives this economic advancement by providing professional and technical assistance and early stage investment capital to regional businesses.
The WVHTC Foundation is a 501(c)(3) non-profit organization based in Fairmont, W.Va., functioning as an engine of economic change for growing a statewide and regional high-tech business sector. The Foundation has established a multi-faceted approach to maximize economic growth, including emphasis on business infrastructure, research and development, and commercialization and workforce development.