Fusion Coolant Systems, a University of Michigan startup based in Canton Township that develops coolant and lubricant technology, has raised $1.3 million in its first close of Series B funding. The funds will be used to expand Fusion’s laboratory and grow its engineering and sales team.
Fusion was founded in 2011 to deliver the next-generation of coolant and lubricant technology to advanced manufacturing operations through the use of supercritical carbon dioxide.
The investment round includes contributions by the U-M Investment Office’s Michigan Investment in New Technology Startups and Ann Arbor-based Amherst Fund.
“(Michigan Investment in New Technology) is enthusiastic to participate in Series B given Fusion’s growing market acceptance in the biomedical sector and the inroads it continues to make within the automotive and aerospace sectors,” said Rafael Castilla, director of investment risk management at U-M. “Fusion has proven its technology and is transitioning its focus to business execution and scaling.”
Additional investors are expected to join the financing over the next six months.