Fusion Coolant Systems Secures $600,000 Series A Venture Capital Funding, Plans to Expand Product Development and Aggressively Grow Sales
DETROIT, Jan. 16, 2013 /PRNewswire-USNewswire/ -- Fusion Coolant Systems, a tech transfer start-up company from the University of Michigan, announced today that it has raised $600,000 in venture capital funding, completing its Series A round with The Frankel Fund, a University of Michigan student-led venture capital fund, as the lead investor. Also participating in the financing round was The Amherst Fund, Automation Alley, Detroit Enterprise Fund, First Step Fund and The Michigan Pre-seed Fund. The funds will be used to execute a growth plan across the organization including building out sales, marketing, and product development.
"The Frankel Fund is pleased to be able to play a role in the growth of Fusion Coolant. The Company has successfully developed a novel process for removing both cost and environmental waste from the current processes used by the machine tool industry," according to Tom Porter, Director of the Frankel Fund and Executive-in-Residence at the Ross School of Business. "The superior benefits of the system have been well received by customers and are expected to change the future of metalworking coolants."
"It's gratifying to bring a disruptive metal working coolant technology to market that offers customers the opportunity to achieve the next level of lean manufacturing processes," said Tom Gross, CEO, Fusion Coolant Systems. "With this funding round now closed, we're able to accelerate our growth and deliver added value to customers seeking ways to reduce manufacturing costs in an environmentally friendly way."
Fusion Coolant Systems is committed to delivering advanced metalworking coolants and lubricants to meet the needs of its growing environmentally conscience customer base. To achieve this, the company is ready to expand its business operations and is prepared to scale in correlation with business needs.
"Today, Fusion Coolant's next-generation Composite High Pressure Lubricant (CHiP Lube) offers significant competitive advantage to the world's most demanding metalworking processes," said Matt Turner, President and CEO of Amherst Fund. "We decided to invest in the company because we believe that its powerful core technology will change the future of metalworking coolants."
About Fusion Coolant Systems
Fusion Coolant Systems provides an advanced patented Carbon Dioxide (CO2) dry coolant and lubrication system called CHiP Lube for use in manufacturing, specifically for the machining and forming of metal or plastic parts. The superior cooling and lubrication provided by the CHiP Lube system increases production rates and dramatically extends tool life.
CHiP Lube outperforms existing metalworking fluid systems and is proven to reduce operating costs while simultaneously improving worker health and eliminating a toxic waste stream from the environment. Based in Detroit, Fusion Coolant Systems is a privately held company. For more information, please visit www.FusionCoolant.com.
SOURCE Fusion Coolant Systems, Inc.