Indianapolis-based Elevate Ventures has made its first investment from the Smart and Advanced Manufacturing Fund in MITO Material Solutions, also in Indianapolis. The company, which produces hybrid polymer modifiers, says its seed funding round closed with $1 million in funding.
Additional investors in the round include Virginia-based CavAngels, Chicago-based Clean Energy Trust, and Oklahoma-based Cortado Ventures, among others.
“MITO Materials model is exactly the kind of advanced manufacturing opportunity we and our stakeholders at the state-level want to see,” said Mark Gramelspacher, executive director of the Smart and Advanced Manufacturing Fund for Elevate Ventures. “While the road to commercialization is notoriously difficult, there are many market niches where the MITO value proposition could be quite compelling. That combined with their talented team and a new roster of investors will enable them to move forward effectively.”
MITO creates specialty additives that improve performance and durability of fiber-reinforced polymer materials such as resins and epoxies, plastics and fiberglass.
MITO Materials officially launched in 2018 and relocated its headquarters from Oklahoma to Indianapolis in 2019. MITO says it has seen a 300% increase in customer pipeline growth since the relocation.
“We’re proud to be Elevate’s first portfolio company in the SAM Fund, but even more excited about the unique opportunity MITO has to become the company that boosts future and existing manufacturers’ ability to create superior products with our materials,” said Kevin Keith, head of product at MITO.
The SAM Fund is a $3 million fund managed by Elevate Ventures. The fund was launched in June and focuses on smart and advanced manufacturing in Indiana.