Metamaterial Technologies Inc has received $2 million in financing from Canadian early-stage venture capital firm Innovacorp. According to a report by Entrevestor, the company has also raised $1.1 million from private investors, including First Angel Network. Based in Halifax, Metamaterial is an optical solutions and nano-composites company developing and commercializing metamaterial technology. It said it will use the new funds to tailor its product for the aerospace industry. Last year, the company received $3 million in research and development funding from the Atlantic Canada Opportunities Agency (ACOA).
Nova Scotia Innovation Protects Pilots’ Flight Paths
Halifax-based Metamaterial Technologies Inc. is developing metaAir, a product that deflects bright light and laser beams that can disorient pilots and impact jetliner flight paths.
With an investment from Innovacorp, Nova Scotia’s early stage venture capital organization, Metamaterial Technologies will commercialize large-scale production of the nano-composites.
“We’ve developed new optical thin films using proprietary nanofabrication and design techniques which are essentially capable of manipulating light, by blocking, absorbing and enhancing it, depending on the application,” said George Palikaras, president and CEO of Metamaterial Technologies. “Until now, it has not been possible to produce this new class of smart materials in large sizes, but our technology can be mass produced, making it a true game-changer.”
Metamaterial Technologies will use the $2 million ($1.5 million in equity investment and $500,000 in non-repayable funding) from Innovacorp to tailor its product for the aerospace industry.
metaAIR selectively blocks and controls light from a range of angles when applied to cockpit windshields.
Metamaterial Technologies has had considerable momentum of late. Last year, the company announced a product development and testing partnership with leading aircraft manufacturer Airbus and in July, secured $3 million in research and development funding from ACOA’s Atlantic Innovation Fund.
“metaAIR is the long-awaited answer to a serious and growing problem for the aviation industry,” said Charley Baxter, vice-president of investment at Innovacorp. “Metamaterial Technologies has the capability to design new optical materials for other applications such as clean energy. The market for metamaterials is expected to reach $1.9 billion by 2021, making this a great investment opportunity for Innovacorp.”
To learn more about Metamaterial Technologies Inc. and its technology, visit WWW.METAMATERIAL.COM.
For more information, contact:
Metamaterial Technologies Inc.
Halifax, Nova Scotia, April 27, 2015
Photo courtesy of Metamaterial Technologies Inc