January 31, 2021. Eurekite, an advanced materials spin-off from the University of Twente, the Netherlands, has raised € 4.2 million in a follow-on round. The funding is provided by Demcon, OostNL and a group of informal investors from the Dutch region of Twente, where Eurekite is based. The additional funding will enable Eurekite to scale production of flexible ceramic fibers, invest in global business development and expand the current patent portfolio.
€ 4.2 million funding from regional partners
Between 2015-2020 Cottonwood Technology Fund – a Dutch-American venture capital fund – invested € 2.75 million in Eurekite. The follow-on round of € 4.2 million consists of a € 1.6 million loan from RVO (the Netherlands Enterprise Agency), a € 600.000 lease facility from the High Tech Fund in Enschede, and a € 2 million equity-investment provided by Demcon, OostNL and a group of informal investors from the Dutch region of Twente. Among the informal investors is Lumana Invest, a team of successful serial entrepreneurs with several investments in chemistry, medical and fiber technology.
“As a person born and raised in Twente, I’m proud that we built a solid business case in this region, resulting in funding from a strong consortium of regional partners,’’ said Bas Kerkwijk, COO of Eurekite. ‘‘The Eurekite team will continue to work hard to set an example of a successful material science company in a tech ecosystem that is in general dominated by ICT and medtech companies.’’
Scaling production of flexible ceramic fibers
The additional funding enables Eurekite to scale production of ceramic fibers using the proprietary Flexiramics® technology in the next two years. Furthermore, Eurekite will further invest in global business development and develop new application patents. Once the scaling-up is completed, Eurekite will have world-class capabilities to produce submicron fibers at high throughput. These capabilities are necessary to undertake customer projects in the fields of batteries, electronics and advanced ceramics.
‘‘We are excited to close this funding round, because it allows us to deliver our breakthrough technology Flexiramics® to corporates which can integrate it in their everyday products that brings many benefits to society,’’ said Gerard Cadafalch Gazquez, CEO of Eurekite.
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Eurekite’s activities are all focused on its core invention: Flexiramics® – a flexible pure ceramic fiber mat that is light and flexible like paper, but retains the main physiochemical properties of traditional ceramics. The most important properties of ceramics are heat resistance, electrical insulation and resistance to corrosion. However, ceramics are very inflexible, which limits their application possibilities. As a flexible ceramic, Flexiramics® has a unique potential for application in numerous technical fields.
In recent years, the concept has been proven and subsequently a lab scale prototype of a platform technology and production process was developed successfully. The base version of Flexiramics® and its variants based on different ceramic compositions can be consistently produced at the very high quality necessary for use in material science applications.
For more information, please visit our website: www.eurekite.com
Gerard Cadafalch Gazquez, CEO
Email address: firstname.lastname@example.org
Mobile: +31 616 31 96 31
Bas Kerkwijk, COO
Email address: email@example.com
Mobile: +31 6 23 62 19 91