Imperial Innovations, the tech transfer unit of Imperial College London (ICL), has backed Econic Technologies, a spin-out from the institution, in a £5.1m ($8.4m) series A.
Innovations is joined by Jetstream Capital, a US-based family fund, in the latest round, which brings Econic’s total venture backing to £6.2m following a 2012 seed round, also supported by Innovations.
London-based Econic is developing processes for manufacturing polymers from waste carbon dioxide. Founded in 2011, the company plans to use the latest funding to accelerate into the next stage of the technology’s development as well as building bridges with customers.
Kelsey Lynn, director of technology ventures at Innovations, said: “Econic represents an important example of our investment in strong companies with major potential impact on their market; it has made great progress with its polymer technology and we are pleased to be supporting Econic as its scales and commercialises its solutions.”
Speaking on Jetstream’s involvement, Lynn added: “Jetstream Capital is a partner of quality and vision, whose long-term ambitions for the company closely mirror our own. This investment is also a good indication of the strength and depth of our technology and materials business portfolio.”
