Metamaterial emerges with $6.2m series A

The smart materials and photonics company plans to accelerate development of tools and commercialisation of its products.

Innovacorp, the investment arm of Nova Scotia’s government is part of a C$8.3m ($6.2m) series A round for Canada-based smart materials and photonics company Metamaterial Technologies (MTI).

The round has been led by private capital firm Radar Capital.

Founded in 2014, MTI is developing materials that manipulate light in a number of useful ways, known as optical smart materials.

The company’s products have applications in touchscreen technology, solar enhancement, anti-ice, anti-fog and protection from laser strikes, in particular from handheld lasers, in the aviation industry.

MTI plans to use the capital to support the commercialisation of its laser protection product, MetaAir. In addition, the company plans to accelerate development of production tools for its smart material platform technology.

In 2015, the company raised C$2m from Innovacorp, with C$1.5 in the form of a venture capital investment and C$500,000 as a non-dilutive contribution from the agency’s cleantech fund.

The same year, the company also raised C$1.1m from private investors, including an undisclosed sum from angel investor group First Angel Network.

Charles Baxter, vice-president of investment at Innovacorp, said: “We are pleased to make a follow-on investment in MTI and have Radar Capital as a co-investor.

“MTI continues to demonstrate the world-class capabilities of its technology platform as it commercialises its laser-protection solution for the aviation industry. We are confident in MTI’s ability to address significant challenges in many other verticals.”

See more from this Government Report: Canada


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