Sirrus, Inc. Raises $11.5 Million in Series B Financing
By Business Wire News
Sirrus, Inc., today announced it has closed $6.5 million in Series B financing contemporaneous with its previously announced $5 million debt financing. The round was co-led by Braemar Energy Ventures and GM Ventures. Existing investors Arsenal Venture Partners and Mitsui Global Investments also participated.
The funding will support commercialization of Sirrus’s novel platform of reactive monomers, which is marketed under the brand names Chemilian™ and Forza™. Coatings, adhesives, sealants, inks and other products based on Sirrus materials gain significant advantages, including fast, room temperature, “on demand” curing, which can cut energy consumption and costs in a wide range of manufacturing and assembly processes. The unique molecular flexibility of the Sirrus monomers also allows users to tailor a wide range of properties into their end products, including high rigidity, high temperature- and/or chemical-resistance, high optical clarity and low odor.
“The potential of this chemistry has been recognized for 130 years. What our team has done is make significant technological breakthroughs to solve the challenges of large-scale commercialization,” says Jeff Uhrig, CEO of Sirrus.
The new round of financing will be used to complete process development at pilot scale, design modular facilities capable of keeping pace with the market opportunity that Sirrus products present, and back existing partnerships with Elmer’s Products, Sun Chemical, and others.
“This financing provides further validation of both the market demand for low energy cure systems and the company’s partnership-focused business model,” said Bill Lese, Managing Partner, Braemar Energy Ventures. “We are very excited about the technology’s commercial prospects and its ability to help partners such as Elmer’s and Sun Chemical enhance manufacturing efficiency and the consumer experience.”
“At GM, we are focused on accelerating the introduction of new manufacturing technologies,” said Jon Lauckner, President, GM Ventures, adding, “We believe the Sirrus low temperature cure chemistry has the potential to greatly reduce our energy consumption and manufacturing equipment required to cure adhesives and coatings, without sacrificing performance.”
Sirrus advances manufacturing technology through chemistry. Sirrus 1,1 disubstituted alkenes, known as Chemilian™ and Forza™, provide the foundation to meet customer needs via tunable physical property performance and fast cure speeds at ambient temperatures. Benefits include cycle time reduction, energy savings, and new material selection in a broad range of customer and consumer applications, including automotive, building and construction, electronics, packaging and hygiene. For more information, visit www.sirruschemistry.com