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Fusion Coolant Systems Inc., a University of Michigan spinout based in Canton, has finished raising a funding round of $1.25 million, the first close of what is projected to be a larger Series B round.
The funding contributions were by the direct venture program of UM's investment office called MINTS, for Michigan Investment in New Technology Startups, and Ann Arbor-based Amherst Fund LLC. Additional investors are expected to join the B round over the next six months. The funds will be used for Fusion's laboratory expansion in Canton and to grow its engineering and sales teams.
After it was founded, the company got a loan of $50,000 from Ann Arbor Spark and an investment of $50,000 from the First Step Fund in Detroit. In 2011, it was awarded $150,000 as the runner-up at the second annual Accelerate Michigan Innovation event.
Fusion Coolant has patented a process for using cooled carbon dioxide to lubricate and cool cutting tools used in manufacturing, promising to reduce costs and pollution and increase tool life.
NEF coached Fusion Coolant team in 2011. The team was the showcase presenter in May 2011.
You can learn more about Fusion Coolant at www.fusioncoolant.com. Read the full articles on Crain’s Detroit Business and U-Mich News.
Congratulations to Fusion Coolant Systems!!
