Materials testing start-up Plastometrex raises seed round
10/09/2020
Plastometrex, a Cambridge-based company that develops advanced materials testing solutions, has recently closed its seed investment round. The round was led by Element Materials Technology, a global leader in product and qualification testing, with participation from Vanneck EIS and Reimagined Capital.Founded by a team of leading materials scientists, Plastometrex’s advanced software platform was designed to make mechanical materials testing simpler, faster and cheaper, while providing users with rich and actionable datasets. The testing solutions under development combine expertise in materials science, advanced numerical modelling, optimisation algorithms and machine learning methods.
The first product, launched in June 2020, is the Indentation Plastometer, which measures full stress-strain curves and metal strength parameters from a rapid and non-destructive indentation test. By combining the very best attributes of tensile testing and hardness testing in a single technical solution, indentation plastometry is set to provide a wide range of industries with greater access and deeper insights into the mechanical properties of their materials and products.
Plastometrex’s new funds will allow the team to roll out its flagship product to a variety of key markets, with a focus on research and development (R&D) facilities, testing laboratories, automotive, aerospace and primary metal producers. Beyond commercial expansion, the investment will fund the development of a full product ecosystem covering the measurement of plasticity parameters, creep parameters and residual stresses, as well as portable measurement devices.
Commenting on the seed round, Dr James Dean, Co-Founder and CEO of Plastometrex, said: “We are very excited to close our seed investment round. Element is a world leader in the testing, inspection and certification sector and it is clear that partnering with them will accelerate all aspects of our business. We look forward to growing the business with their expert support.”
Jo Wetz, CEO at Element Materials Technology, said: “The Plastometrex team are world-leading in their field and their potentially disruptive technologies are set to make a real impact in the mechanical testing sector. We look forward to working with the team to support their ambitions of bringing their unique product ecosystem to the
market.”
www.plastometrex.com
www.element.com
