Indianapolis-based MITO Material Solutions Inc., a startup in the special chemical industry, has raised $4.6 million in a funding round, the company announced Tuesday.
The four-year-old company said the funding came from a seed extension by existing and new MITO investors. The round closed in January.
MITO said it will use the investment to expand its Indianapolis operations, including new lab space for developing products and new composite material technologies. The company’s high-tech polymer additive is used in sporting goods, automotive and aerospace.
“We appreciate the backing of all our investors, including our strategic partnership with Ingevity, a leader in specialty polymers,” said MITO CEO Haley Marie Keith in written comments. “As we build on the recent success of MITO’s graphene additive in a sporting product, we welcome the years of polymer chemicals experience that Ingevity’s Steve Hulme brings to our board of directors.”
Keith said MITO additives enhance fiber-reinforced composites and thermoplastics beyond standard performance metrics. They are engineered to integrate into existing production lines.
“MITO’s uniquely scalable additive solution set that can be paired with a number of polymers to create stronger, lightweight final products without changing production systems,” said Keith.
She said their additives help manufacturers create lighter-weight products and achieve sustainability goals.