MITO Material Solutions (Indianapolis, Indiana, USA)—a specialty chemical company that produces graphene-based hybrid polymer modifiers—announced an oversubscribed $1M Series Seed funding round led by two Chicago-based firms, Dipalo Ventures and Clean Energy Trust. The company says it will use funding to “continue with their mission to empower a new era of advanced manufacturing.”
Previous to this Series Seed investment, MITO received more than $1.1 million in research and development (R&D) grants from the National Science Foundation. Additional investors who participated in this round of funding include companies based in Virginia, Indiana, and Oklahoma.
Led by married founders Haley Marie Keith and Kevin Keith, MITO has pioneered a proprietary graphene functionalization technique that creates hybrid polymer modifiers. The company’s additives enhance fiber-reinforced composites and thermoplastics, thereby enabling manufacturers to replace existing metal components into existing production lines and maintain their durability while shedding weight.
“I believe this is a revolutionary moment in the industry,” says Haley Keith, who also serves as the company’s CEO. “The world is shifting to a need for lighter, stronger, and more sustainable materials; right now we need something better than metal. The partners we secured through this funding round have pulled together strategic customers and suppliers that will help us scale and meet this very pressing market need.”
“MITO's remarkable technology has tremendous potential to positively impact many industries—from electric vehicles to bioplastics—and we have the utmost confidence in Haley as an operator and a leader,” comments Paul Seidler, managing director at Clean Energy Trust. “We welcome MITO Material Solutions to our portfolio and look forward to supporting them throughout their growth and success.”
“MITO has the opportunity to fundamentally impact cost and performance of critical applications across a range of materials used in products people need every day,” adds Rafiq Ahmed, managing director at Dipalo Ventures. “Haley, Kevin and the MITO team have displayed grit, capability and results to get to this point and we are excited to be part of their journey.”