CHAMPAIGN, Ill., June 13, 2022 /PRNewswire/ — Autonomic Materials, Inc. (AMI), the leading developer and provider of self-healing, ESG compatible smart coatings incorporating proprietary and patented microencapsulation technology, announces the successful closing of its $3M Preferred Stock Financing. The fully subscribed round was co-led by Burwell Management Company and Camino Real Capital Partners with participation from CSR Investments, Phoenix Venture Partners, Solvay Ventures and several angel investors.
The funds raised will be used to accelerate sales of the company’s branded high-performance and ultra low VOC coatings portfolio, including AMP-UP 100, which provides long-term industrial asset protection and the company’s newly-introduced AMP-UP RB, which has been validated by an independent third-party testing to provide unparalleled concrete reinforcement and corrsion protection.
“AMI’s products eliminate traditional tradeoffs between eco-friendliness, ease of use and performance. In applications ranging from waterparks to steel concrete reinforcement, our products are solving problems for end-users that incumbent products just don’t solve. The funds raised will allow more investment into our marketing and building out our sales team in an effort to bring these products to the end-users who need them,” said AMI CEO, Dr. Gerald Wilson.”
Curt Burwell stated: “We are pleased to support Gerald and his team as they accelerate the sales of the exisiting product portfolio and work to develop new applications to address corrosion in an environmentally friendly way.”
With the closing of the financing round, Mark Johnson was appointed an independent director. Mark is a serial entrepreneur who was CEO of several successful startups, including GrainBridge, Descartes Labs, and Zite.
“AMI merges two of my passions: innovative solutions to protect the environment and briding the gap between basic science and product. I’m excited to join the board and to work with the management team,” said Johnson.
“Mark’s experience as a startup CEO who has led his companies to tremendous growth is exactly the addition we need on our board right now. Notably, like AMI, both Zite and Descartes labs were spin-outs and Mark’s experience leading growth within these entities is very relevant to what we are trying to accomplish,” added Wilson.
Based in Champaign, IL, AMI is a leading developer of self-healing, high-performance coatings based on its proprietary, microencapsulation technology platform. AMI’s coating products eliminate existing tradeoffs between performance and sustainability.
SOURCE Autonomic Materials