Modumetal, a US-based developer of coatings that resist corrosion and high temperatures, closed its series B round from a consortium including oil majors Chevron and ConocoPhillips’ corporate venturing units.
Alongside Chevron Technology Ventures and ConocoPhillips in the B round were venture capital firms Second Avenue Partners and Catamount Ventures as lead investors, undisclosed angel investors and Sunshine Tech, an investment company on behalf of Omar Zawawi, chairman of the Oman-based Omar Zawawi Establishment (Omzest) Group.
In its November filing, a month before closing, Modumetal said it had raised $4.7m of a planned $19.2m round.
Modumetal previously raised $3.6m in 2010, having first filed with the regulators in 2007.
Christina Lomasney, chief executive of Modumetal, said: “The opportunity to collaborate with strategic investors from Chevron, ConocoPhillips and Sunshine offer[s] not only a source of financing for our growth plans for the Modumetal venture, but also an essential adoption perspective from deep within our current and future customer base.”
Separately, Hess Corporation said it would make a full‐scale evaluation of Modumetal’s nanolaminated alloys in an oil production application.