University College Dublin (UCD) spin-out PlasmaBound has announced the closing of a €1.1 million investment round today.
The investment round was led by the Atlantic Bridge University Fund, with Enterprise Ireland, and a number of private investors.
PlasmaBound's patented technology enables global manufacturing industries to reduce product weight and meet fuel efficiency and carbon emissions requirements.
The technology enables companies in the automotive, aerospace/space and wind turbine industries to achieve lightweighting goals with simplified and fully automated workstreams.
This generates significantly less manufacturing waste, dramatically reduces product weight and also assists industry players to achieve stringent carbon emission and fuel efficiency goals.
PlasmaBound was co-founded in 2017 by Dr James Nicholas Barry, Alan Barry and Xavier Montibert as a spin-out from the UCD College of Engineering and Architecture, after the completion of Enterprise Ireland Commercialisation Funding.
The company is also an Enterprise Ireland High-Potential Start-Up.
Alan Barry, CEO of PlasmaBound, said the company's technology supports the accelerated adoption of lightweight composite materials into multi-material structural assemblies, by enabling reliable adhesive joining.
"This will allow international enterprises, who are aggressively pursuing light weighting opportunities, to meet current and future carbon emissions and fuel efficiency requirements, with no waste production, reduced reliance on metal fasteners and lower production cost through in-line operation simplification," the CEO said.
He said the company's technology took over five years to develop at UCD, adding that today's announcement is a significant milestone for it.