Stanley Ventures speeds up Veloxint

Veloxint, a Massachusetts Institute of Technology (MIT) spinout developing novel metal alloys, has received a strategic investment from Stanley Ventures, the corporate venturing arm of tool manufacturer Stanley Black & Decker.

The size of the investment has not been disclosed by the parties.

Veloxint’s alloys have transformational properties, such as enhanced strength – claiming two to five times that of traditional alloys – and long-term stable use at high temperatures.

The spinout’s products are being targeted towards the automotive, military, high-performance tool, aerospace, oil and gas, construction and 3D printing sectors.

Alan Lund, chief executive and Chris Schuh, chief scientist, co-founded the company. Schuh is also department head of materials science and engineering at MIT.

Veloxint will use the funds to accelerate product development.

Both parties have also formed a joint development agreement to commercialise metal alloys where mutual benefit exists, allowing Stanley Black & Decker to incorporate new technology into their products.

Lund said: “We are excited about our collaboration and see this as a win-win for Veloxint and Stanley Black & Decker.

“The funding will allow Veloxint to accelerate its development activities, and the partnership will give Stanley Black & Decker access to more world-leading technology to incorporate into their products.”

Larry Harper, vice-president at Stanley Ventures, said: “We are pleased to partner with Veloxint to accelerate development of new products for our customers.

“We are excited about the potential of these materials and look forward to optimizing them for new Stanley Black & Decker products that deliver unique value and enhance our position as technology leader in our markets.”