Carbodeon Ltd Oy Closes EUR 1.5 million Funding Round From Straightforward Capital
Carbodeon will accelerate its nanodiamonds business and expand manufacturing capacity
Helsinki, Finland – 19th August 2016: Carbodeon Ltd Oy, the global market leader in application-tailored nanodiamond materials, has closed a EUR 1.5 million funding round from Straightforward Capital, a Finnish venture capital firm. The round follows major financing already received from biotech and advanced materials sector investor Enso Ventures.
Carbodeon’s patented technologies offer superior performance when used as additives in applications including thermal management materials, metal plating and selected polymer coating applications. The company’s different grades of easy-to-use and cost-efficient Ultra-Dispersed NanoDiamonds enable improved lifetime and conductive performance for electronic appliances, automotive parts and industrial manufacturing line components.
The funding will be used to expand nanodiamond manufacturing capacity, recruit new talent and enhance customer support. Further investments in R&D will allow Carbodeon to continue to innovate and develop new products and applications.
“With these investments we can expand our manufacturing technology and extend our global presence,” said Vesa Myllymäki, CEO of Carbodeon. “This funding, combined with our innovative partnerships with customers and partners will enable us to grow significantly within our key application areas.”
“The decisive factors in our decision to invest into Carbodeon were their understanding of the market needs and their capacity to build client solutions which are cost–efficient and scalable. They bring tremendous competitive advantages to their clients, which is a recipe for success for any company,” said Seppo Savolainen, co-founder of Straightforward Capital and Chairman of the board of directors of Carbodeon.
Carbodeon Ltd Oy develops, manufactures and supplies nanodiamond materials for applications where toughness and precision are at a premium. Our many different grades of Ultra-Dispersed NanoDiamonds– each possess unique properties fine-tuned for a growing number of dedicated applications. These grades are sold under the name uDiamond®. Carbodeon has received major funding from Tekes, European Union and Finnvera.
About Straightforward Capital
Straightforward Capital is a venture capital company that helps companies to unleash their growth potential, with a vision to enable €1B of global growth in the next 10 years. The Finnish high-tech sector is the company’s home market. Its funds play an active role in companies’ strategic planning and development and in securing future financing.
Vesa Myllymäki, CEO Carbodeon, vesa.myllymaki(at)carbodeon.com, mobile +358 50 567 8828
Seppo Savolainen, Partner, Co-Founder at Straightforward Capital, seppo.savolainen(at)straightforward.vc, mobile +358 40 744 5510