Venture capital investor Beringea, manager of the ProVenVCTs, has led a GBP13 million funding round for D3O, the UK-based developer of smart materials.
Beringea will invest a total of GBP9 million from its UK and US offices, along with other current D3O shareholders, to support the further expansion of the D3O’s impact protection products and international market growth.
D3O has a unique patented technology used to make a soft, flexible and distinctive orange-coloured material with high shock absorbing properties that is used in impact protection products. D3O addresses a range of markets such as footwear, electronics, sport, work-wear and military protection. Recently D3O has changed the face of protection for American football with a new helmet liner system designed to reduce brain trauma and has introduced significant enhancements for safety in the oil and gas industry, with the introduction of a new flexible, comfortable and protective glove design.
Through successful R&D, D3O has been able to grow from one product in 2010 to a portfolio of 17 materials today. It has a strong new product pipeline for 2015-16 and this new capital will facilitate further international expansion as well as developing D3O’s team of highly skilled chemists, engineers and designers.
Trevor Hope, Beringea’s Chief Investment Officer who led the deal and will join the board as a non-executive director, says: “D3O is a great example of a British company with a core of deep scientific and technical expertise in the increasingly important and valuable smart materials industry.
“The company’s materials and design skills have already attracted a number of high profile industrial and retail partners and we are excited to support the company, its materials and the D3O brand as it grows to become a major international force.”
D3O CEO Stuart Sawyer, says: “We are delighted to have secured funding from our new investor Beringea, who shares our belief in the company’s ability and global opportunities. Innovation and talented people are the lifeblood of our company, and the new funds will enable us to invest further in R&D facilities and recruit more highly talented individuals to join the team. This investment will allow us to place more emphasis on product development and international marketing, which will enable us to maintain our market leading position in impact protection solutions.”
