Advanced materials company Hypetex has raised £1.25m in equity capital to back its carbon dye technology.
Based in London, Hypetex produces colored carbon fiber using sustainable dyeing materials. The company claims its approach eliminates the need for paint and improves the performance properties of carbon fiber.
Hypetex technology finds application in a variety of industries and products, including consumer electronics, aerospace, automotive and lifestyle products.
The company already serves clients including Adidas, New Balance and Jaguar Land Rover. With the new funds, Hypetex said it plans to pursue its ambitious growth plans to further expand the business.
“This investment will allow Hypetex to further strengthen its unique market position in this growing $150 billion industry,” said Neil MacDougall, Hypetex’s angel investor and new chairman of the board.
“I am excited to join a talented and dynamic management team as Chairman and bring my experience in helping scale technology companies with breakthrough innovation.”
The company is also looking to expand its product range to include natural fiber products to make them more sustainable.
“This new investment is a testament to what we’ve achieved so far at Hypetex, and I’m very excited about the future with Neil and Nick involved at the core of the company,” said Hypetex CEO Mark Cohen.
“The composites market is growing at a rapid pace and we are well positioned to accelerate the uptake of our advanced color materials and be a key part of this as we develop exciting new product streams for the sector.”
The seed funding round was led by venture capital firm 24Haymarket.
James Campin, chief investment officer at 24Haymarket, said: “Hypetex’s technology delivers both performance and sustainability, with applications across multiple industries, and we believe they are well positioned to capitalize on the growing market opportunities.”
