US-based industrial coating producer Slips Technologies has raised $8.6m in funding from backers including BASF Venture Capital, the corporate venturing arm of chemicals producer BASF.
Investment firm Anzu Partners, Massachusetts Clean Energy Center and private investor Hansjörg Wyss also participated in the round, $2.85m of which consists of a grant from the US Department of Energy’s Advanced Research Projects Agency – Energy initiative.
Slips develops and makes fully slippery coatings that are used in areas such as manufacturing, marine vessels and medical devices. It will use the funding for product development and testing, commercialisation and the expansion of its core technologies.
BASF Venture Capital had previously led the company’s $3m series A round in 2014, investing alongside Hansjörg Wyss, as part of a joint development agreement.