Indianapolis, Indiana, March 8, 2022 - Specialty chemical company, MITO® Material Solutions, raised $4.6 million dollars in a funding round that closed in late January. Funding came from a seed extension by existing investors and new MITO investors such as specialty chemicals solutions provider, Ingevity Corporation, and will be used to expand MITO’s Indianapolis operations, including new lab space for developing industry leading products and new composite material technologies.
“This is an exciting time for MITO,” said MITO CEO Haley Marie Keith. “We appreciate the backing of all our investors, including our strategic partnership with Ingevity, a leader in specialty polymers. As we build on the recent success of MITO’s graphene additive in a sporting product, we welcome the years of polymer chemicals experience that Ingevity’s Steve Hulme brings to our board of directors.”
MITO’s portfolio of advanced polymer additives includes a proprietary graphene-functionalization technique that creates E-GO, the hybrid polymer modifier currently in production and in use in several industries. All MITO additives enhance fiber-reinforced composites and thermoplastics well beyond standard performance metrics and are engineered to integrate into existing production lines at an extremely low concentration with proven compatibility in a variety of material combinations.
“MITO is doing innovative work,” said Steve Hulme, senior vice president, Performance Chemicals and president, Engineered Polymers at Ingevity. “We are excited to be involved with a company that’s creating chemistries and technologies that enable a more sustainable future.”
MITO has recently relocated their lab and office space to an inclusive office and lab facility in Indianapolis, bringing their team to the center of Midwest manufacturing. This location change and the additional capital from the latest seed round has positioned MITO to grow.
“US manufacturers are looking for solutions to help them create lightweight materials that address global climate change issues and contribute to a sustainable future,” noted Keith. “MITO’s uniquely scalable additive solution set that can be paired with a number of polymers to create stronger, lightweight final products without changing production systems. We are ready to help US manufacturers fight climate change and achieve sustainability goals.”