Smart materials producer D3O has received $19 million in funding. Beringea led the round.
FARMINGTON HILLS, MICH. (April 8, 2015)— Beringea, a private equity firm providing growth capital to market-leading businesses, is pleased to announce it led a $19 million funding round for D3O, a developer of smart materials. Of the total raised, approximately $13 million was invested by Beringea, LLC and its London office Beringea, LLP. The proceeds of the round will be used to support the further expansion of D3O’s impact protection products and its future international growth.
D3O’s patented technology is used to make a soft, flexible and distinctive orange-colored material with high shock absorbing properties, used in impact-protection products across many sectors, including sports, military, and work-wear. Recently, D3O introduced a new football helmet liner system designed to reduce brain trauma and made significant safety enhancements in the oil and gas industry with the introduction of a new flexible, comfortable and protective glove design called “CrudeHands”. The glove, developed in partnership with leading industrial workwear brand RPS Solutions, contains a protective layer of D3O’s Smart Skin technology offering high performance protective coverage across the top of the hand and fingers. During product development, RPS and D3O worked with Wayne State University’s Biomechanical Engineering Center and Dr. King H. Yang (Director of the Biomechanical Engineering Center, College of Engineering, WSU) to conduct a series of impact testing.
“D3O’s technology has a myriad of commercial applications, in a wide variety of markets.” said Michael Gross, managing director at Beringea. “We’re especially excited about the applications for the sports, industrial, and automotive markets. Our proximity to Metro Detroit’s automotive supply base and D3O research partner Wayne State University will allow us be an important conduit to the company’s U.S. expansion.”
“We are delighted to have secured funding from our new investor Beringea, who shares our belief in the company’s ability and global opportunities,” said D3O CEO Stuart Sawyer. “Innovation and talented people are the lifeblood of our company, and the new funds will enable us to invest further in R&D facilities and recruit more highly talented individuals to join the team. This investment will allow us to place more emphasis on product development and international marketing, which will enable us to maintain our market leading position in impact protection solutions.”
D3O is a ground-breaking impact protection solutions company that licenses a range of unique patented smart materials. Its technology is used to produce a shock absorbing material that can be found in a range of products across the motorcycle, sport, footwear, electronics, military and work-wear sectors. D3O® was proven during the 2006 Winter Olympics, when the U.S. and Canadian ski teams pioneered D3O®’s revolutionary soft armor. With no compromise on protection, D3O overnight changed the global protective wear market with a range of low profile, light weight, flexible and breathable limb protectors. Today, D3O leads and challenges the world of impact protection and shock absorption with innovative pioneering solutions for its customers. www.d3o.com
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, information technology, advanced manufacturing, media and specialized consumer products.
With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for stakeholders. For more information, visit www.beringea.com.