Provided by Dow Jones VentureWire
Written by Staff Writer
JumpStart Inc. has nanotechnology on the brain. For the third time this year, the early-stage investor has funded a start-up working with materials on the molecular scale.
MesoCoat Inc., a wholly owned subsidiary of Powdermet Inc., has received JumpStart's standard first allotment of $350,000 to develop and commercialize its nanocomposite coating materials and application technologies.
The company, which formed from Euclid, Ohio-based Powdermet in 2007, said its technology is designed to replace chrome coatings used in the aircraft industry.
MesoCoat is led by founder and Chief Executive Andrew Sherman, who is also CEO of Powdermet. JumpStart Entrepreneur in Residence Lee Poseidon will work with the company.
The new funds will enable MesoCoat to build a coatings application lab to produce qualification samples and initial components for customers, and to develop prototype electromagnetic fusion coating application equipment.
JumpStart, which invests in companies in Northeast Ohio, has made at least two other investments in nanotech-related companies this year. Tursiop Technologies LLC, which is developing a nanomaterial-based coil for magnetic resonance scanners, and Advanced Materials Technology International LLC, which is developing nanoparticle materials for ink and coating applications, each have received $350,000 from JumpStart.