CIOReview
CIOREVIEW >> Biotech >>

Nelumbo Raises $14M from its Series A Expansion Round

By CIOReview | Thursday, April 23, 2020

Nelumbo closes $14M in a new Series-A expansion round led by Prime Mover's Lab and the University of Tokyo Edge Capital

Fremont, CA: Nelumbo, a renowned industry player in the field of advanced-surface modifications, closed its Series A-expansion funding after raising $14 million. The funding round was led by Prime Mover's Lab and the University of Tokyo Edge Capital (UTEC) along with the participation from Safar Partners, Neue Fund, Darwin Venture Management, and additional support from its existing shareholders Photon Fund, Berkeley Catalyst Fund, and Danfoss.

The latest input of funding will support significant growth of Nelumbo's cooling unit, which at present comprises two critical product lines and the launch of another business line. At the same time, the company continues to explore and grow its advanced tech platform. Before the latest funding round, Nelumbo witnessed an exponential growth of a short period with a substantial increase in revenue of more than 10-fold and new commercial partnerships. 

"We are very excited to welcome new partners who create a powerful balance that matches well with our ambitions," said Nelumbo CEO Liam Berryman. "Since our founding five years ago, we have been successful in attracting significant commercial partners, validating large market pain points, and developing opportunities for new verticals. With the financing and support from our new partners, we plan to double down on our leadership position as the company transforming the products that form the fabric of our society."

Along with the financing, the company has also added new directors to the board. These additions include David Walther, co-founder and SVP engineering at Nelumbo; Keisuke Ide, partner at UTEC; and Dakin Sloss, founder, and general partner at Prime Mover's Lab. 

"By improving the materials we use, Nelumbo leads the way in producing superior products for both people and the planet," said Dakin Sloss, founder and general partner of Prime Mover's Lab. "The team's relentless focus on serving clients in some of the world's most important markets is inspirational. We at Prime Mover's Lab are grateful for the opportunity to contribute as a partner in their ambitious journey and believe Nelumbo will change the future of advanced materials."

Nelumbo supports its business partners to differentiate their product lines apart from the competition, and it helps create higher value in an otherwise commoditized avenue. Beyond monetary value, the company's products also help contribute to nature by reducing the depletion of natural resources and help generate better efficiencies in energy and emission. 

Check out: Top Bioinformatics Solution Companies