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iCOMAT, a trailblazer in advanced composite manufacturing, recently capped its Series A funding round, amassing $22.5 million. The funding initiative was spearheaded by 8VC, with the NATO Innovation Fund playing a co-leading role. Additional support came from Syensqo Ventures, along with contributions from returning investors like Velocity Partners VC.
Pioneering an automated and scalable approach, iCOMAT sets new standards for manufacturing lighter, stronger, and more sustainable structures for the aerospace and automotive sectors. The criticality of lightweight vehicles is driven by their need for less energy, aligning with the increasing demand for production speed and efficiency. This demand is crucial not only for enhancing defensive capabilities but also for slashing emissions. Existing methods for creating lighter materials typically provide only marginal benefits or fail to be economically feasible when scaled up.
Breaking new ground, iCOMAT has introduced a revolutionary production technology that pioneers fiber steering— a method that allows the directional control of fibers to optimize structural properties at various points. This cutting-edge technique has the potential to cut weight by 10 to 65 percent compared to current leading commercial offerings and to boost production speeds tenfold.
"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."
Currently, iCOMAT is collaborating with over 25 clients spanning the aerospace, automotive, and defense industries, delivering demonstrator components tailored for some of the most challenging uses. These include panels for fighter aircraft, structures for space launchers, and parts for Formula 1 racing cars.
To meet this growing demand, iCOMAT is constructing its inaugural production plant in Gloucester, UK. The facility, sprawling over 45,000 square feet, will have three fully automated Rapid Tow Shearing (RTS) production lines and advanced processing machinery. Scheduled to commence operations by year's end, this state-of-the-art factory can process raw materials directly into finished products.
"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 forefront manufacturer of advanced composite structures, primarily serving the aerospace and automotive industries. Through its proprietary fiber-steering technology, iCOMAT enables the creation of lightweight, high-performance components. This technology fosters unprecedented scalability and efficiency in production, setting new benchmarks in the manufacturing landscape.
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