iCOMAT raises $22.5M financing led by 8VC and NATO Innovation Fund to automate composites manufacturing

iCOMAT's breakthrough production technology delivers the lightest cars, planes and spacecraft - faster and at lower cost

BRISTOL, United Kingdom, June 5, 2024 /PRNewswire/ -- iCOMAT, a pioneer in advanced composite manufacturing, announced the successful closure of its Series A funding round, securing $22.5 million in capital. The round was led by 8VC, and co-led by NATO Innovation Fund. Other investors joining the round include Solvay Ventures and existing investors Velocity Partners VC.

iCOMAT's automated and scalable manufacturing technology, the first of its kind, is delivering lighter, stronger and more sustainable structures for aerospace and automotive vehicles.

The heavier a vehicle is, the more energy it needs to move. The demand for lighter vehicles, produced at faster rates, is on the rise. Meeting this demand is critical in order to both strengthen our defensive capabilities and to reduce emissions.  However, new processes and materials either offer incremental benefits or are not financially viable at scale.

iCOMAT's technology addresses these needs by leveraging a breakthrough in composite materials and carbon fiber. Unlike conventional methods, which produce components by stacking multiple straight fiber layers, iCOMAT has developed the world's first production technology that enables fiber steering ? the ability to steer the fibers to optimise the properties of a structure at any point. This innovative technology can help reduce weight by 10 to 65 percent compared to the state-of-the-art commercial solutions, and can increase production rates by 10x.

"iCOMAT's Rapid Tow Shearing (RTS) process not only offers unparalleled structural efficiency, but unlocks fully automated production workflows, akin to automotive stamping lines," said Dr Evangelos Zympeloudis, founder and CEO of iCOMAT. "We are thrilled to partner with our investors and accelerate progress towards our mission - to revolutionise transportation by delivering the lightest structures and vehicles possible."

iCOMAT is currently working with more than 25 customers across the aerospace,  automotive and defence sectors, and has successfully delivered demonstrator parts for some of the most demanding applications, including fighter aircraft panels, space launcher structures and Formula 1 components.

To service demand, iCOMAT is building its first production factory in Gloucester, UK. The 45,000 square foot, state-of-the-art manufacturing facility will house three fully automated Rapid Tow Shearing (RTS) production lines, alongside an array of advanced processing equipment. The factory will be online by the end of the year, and able to go from raw material to final parts.

"iCOMAT is solving some of the most critical problems in materials, and the breakthroughs they're making today will play a decisive role in the future of both combat and mobility," said Alex Moore, Partner, 8VC.

"We're excited about iCOMAT's groundbreaking technology and believe they will play a critical role in building a more resilient and sustainable future. We are proud to be investing in teams that are revolutionising the transportation and defense sectors, from ground to sky to space," said Kelly Chen, Partner, NATO Innovation Fund.

About iCOMAT:
iCOMAT is a leading manufacturer of advanced composite structures for the aerospace and automotive industries. Leveraging its proprietary fiber-steering technology, iCOMAT enables the production of lightweight, high-performance components at unprecedented scale and efficiency.