Modumetal, a US-based manufacturer of metals that resist corrosion, raised at least $33.5m in equity funding and debt financing yesterday co-led by energy companies Chevron Technology, BP and ConocoPhillips.
The company announced it had raised funding and did not disclose the amount, though a regulatory filing revealed the amount raised, as well as a final target of $40.7m for the round.
Chevron and BP invested through their respective corporate venturing units Chevron Technology Ventures and BP Ventures, and co-led the round with ConocoPhillips and venture capital firm Founders Fund.
Hercules Technology Growth Capital, Sunshine Tech, Catamount Ventures, Catamount Ventures, Second Avenue Partners, Goldenseeds and assorted angel investors, including several members of Alliance of Angels, also contributed funding to the round.
Founded in 2007, Modumetal uses nano-layering technology to laminate metal and other materials in a coating that makes them resistant to corrosion, while also making them stronger and lighter than conventional materials. It will use the cash injection to expand its manufacturing capabilities.
Chevron and ConocoPhilips took part in a $4.7m series B round in 2012 that was co-led by Second Avenue and Catamount, and backed by Sunshine Tech and several angel investors. Modumetal had targeted $19.2m in the round, according to an SEC filing.
The company had previously raised approximately $10m in combined funding and debt financing, according to regulatory filings.