Autonomic Materials Inc. (AMI), a deep-tech startup graduate from the EnterpriseWorks incubator, announced Monday that the company has raised $3 million in a fully subscribed financing round.
The round was led by Burwell Management Company and Camino Real Capital Partners along with participation from other venture capitalists.
AMI uses self-healing technology to create chemistry coatings that minimize the effects of corrosion. The company’s innovations are designed to protect metal assets, the people interacting with those assets, and the environment.
AMI CEO Dr. Gerald Wilson said the funds will be used to “accelerate sales of the company’s branded high-performance and ultra-low VOC coatings portfolio.”
Dr. Wilson is also an Enterpreneur-in-Residence at EnterpriseWorks, where he counsels and mentors aspiring faculty and graduate student founders.
AMI continues to grow its operations in Champaign, working to improve sales of existing product as well develop new applications that eliminate corrosion in environmentally friendly ways.
In 2017, AMI raised $3 million in a funding round led by Solvey. This funding was used to scale up the company’s first self-healing paint product.
Read the full news release here.