University of Michigan's manufacturing coolant spinout Fusion Coolant Systems has been backed by the institution's Mints fund, taking its total to $9.9m.
Fusion Coolant Systems, a US-based manufacturing coolant spinout from University of Michigan, received $8m yesterday in a series C round featuring the university’s Michigan Investment in New Technology Startups fund (Mints).
VC firm Material Impact and private equity firm Michigan Capital Advisors co-led the round, which also featured state -backed initiative Invest Michigan and investment firm Amherst Fund.
Founded in 2009, Fusion Coolant produces cutting fluids that lubricate metals or polymers for manufacturing in sectors including aerospace, automotive and medicine. Its approach relies on a supercritical carbon dioxide-administered coolant which it says improves manufacturing productivity and hygiene.
Fusion was founded by Steven Skerlos, a professor of mechanical, civil and environmental engineering at Michigan whose research covers supercritical fluid delivery of lubricants.
The series C capital will support the spinout’s efforts to add to its headcount, equipment and operations.
Fusion Coolant previously received $1.3m in a 2016 first close of its series B round, backed by investors including Mints and Amherst Fund. It expected to secure further commitments over the following six-month period, though details could not be ascertained.
University of Michigan student-run Frankel Fund led Fusion’s $600,000 series A round in 2013, with participation from Amherst Fund and Michigan Pre-Seed Fund, an early-stage initiative managed by Invest Michigan.
Automation Alley, First Step Fund and Detroit Enterprise Fund also contributed series A capital.
Rafael Castilla, director of investments at University of Michigan’s investment office, said: “This transformative technology has the potential to enable higher productivity, create safer working conditions for machining workers and improve the environment by minimising the disposal of liquid coolants – all making a material impact to manufacturing machining operations.”