PlasmaBound confirms €750,000 investment from BVP

20 Jan 2023

From left: PlasmaBound founders Dr James Nicholas Barry, Alan Barry and Xavier Montibert. Image: PlasmaBound

The UCD spin-out raised a total of €3.1m in 2022 for its sustainability-focused tech that helps composite materials lose weight.

Irish deep-tech company PlasmaBound secured a €750,000 investment from Business Venture Partners (BVP) last December for its lightweight material technology.

This brings the total amount raised by the company to €3.1m last year. Last May, the University College Dublin (UCD) spin-out raised €2.35m with investment from Act Venture Capital, the Atlantic Bridge University Fund, Enterprise Ireland and other private investors.

The former Start-up of the Week has developed environmentally friendly bonding technology lightweight materials.

This tech – called controlled polymer ablation (CPA) – could help speed up the manufacturing of renewable lightweight materials while reducing their costs.

These materials have a wide range of applications from vehicles and devices to physical structures, reducing carbon output and waste.

Founded in 2017 by Dr James Nicholas Barry, Alan Barry and Xavier Montibert, PlasmaBound spun out of the UCD College of Engineering and Architecture and is headquartered in NovaUCD.

CEO Alan Barry said the latest funding will help the spin-out “bring about a further positive impact to the environment” through the adaption of its CPA technology.

While the company plans to target various sectors, Barry said it has a “particular focus” on the automotive, aerospace and space industries, along with consumer electronics, sports and leisure.

PlasmaBound said one of its goals is to make lightweight materials affordable for low to mid-range vehicles, in order to help the push to lower CO2 emissions and bring longer electric vehicle ranges into mass-market applications.

Last November, PlasmaBound was one of five start-ups from around the world chosen to collaborate with Hyundai and Kia, to help the automobile companies hit innovation goals.

BVP director Stephen Burdock said the investment company was “impressed” by the environmental benefits PlasmaBound’s technology could deliver in various sectors.

“BVP are pleased to be able to support this innovative company who are driving real value across global markets,” Burdock said.

PlasmaBound previously raised €1.1m in June 2020, led by Atlantic Bridge, and has received backing from Enterprise Ireland’s Commercialisation Fund.

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Leigh Mc Gowran is a journalist with Silicon Republic