MITO Lands $4M+ in Latest Funding Round
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Indianapolis-based-MITO Material Solutions, a startup in the special chemical industry, has raised $4.6 million dollars in a funding round that closed in late January. The company says the funding came from a seed extension by existing and new investors.
MITO says it will use the investment to expand its Indianapolis operations, including new lab space for developing products and new composite material technologies. The company’s high-tech polymer additive is used in sporting goods, automotive and aerospace.
“We appreciate the backing of all our investors, including our strategic partnership with Ingevity, a leader in specialty polymers,” said MITO Chief Executive Officer Haley Marie Keith. “As we build on the recent success of MITO’s graphene additive in a sporting product, we welcome the years of polymer chemicals experience that Ingevity’s Steve Hulme brings to our board of directors.”
Keith says MITO additives enhance fiber-reinforced composites and thermoplastics beyond standard performance metrics. They are engineered to integrate into existing production lines.
“MITO’s uniquely scalable additive solution set that can be paired with a number of polymers to create stronger, lightweight final products without changing production systems,” said Keith.
She says their additives help manufacturers create lighter-weight products and achieve sustainability goals.