Beringea in Farmington Hills, a global private equity firm providing growth capital to high-potential businesses, has led a $5.5 million Series B investment round in Michigan-based Micro-LAM Inc., which manufactures laser-assisted diamond cutting tool systems for CNC machining.
Capital from the deal, announced on Friday, will be used to advance Micro-LAM’S growth efforts.
Micro-LAM has developed a patented laser-assisted diamond cutting tool system that seamlessly bolts on to an existing CNC machining manufacturing infrastructure worldwide.
Laser-assisting the diamond cutting tool is the key to the Micro-LAM manufacturing process, as the laser softens and heats the target material at the exact moment that the diamond cutting tool comes in contact with the surface, allowing a level of precision that is unparalleled in the industry.
Micro-LAM was spun-off in 2012 from Western Michigan University’s College of Engineering in Kalamazoo. The company realized its first system sale in 2016 and in just over three years has placed more than 75 systems in 19 countries.
Micro-LAM’s customer base includes such sectors as consumer electronics, mobility, military, defense, health care, and data infrastructure.
“Micro-LAM’s CEO, Deepak Ravindra, and his team have strategically and methodically built the business in a short time by developing a complex yet elegant solution to difficult challenges facing some of the world’s most advanced manufacturing industries,” says Michael Gross, managing director at Beringea.
Ravindra, founder and CEO of Micro-LAM, Inc., says “Beringea is very well respected in the investment community as well as among their portfolio companies. They have the right mindset and seem to manage a perfect balance by supporting the company’s growth goals without taking away the fun of entrepreneurship and innovation. The team and I are very excited to partner with Beringea to take Micro-LAM to the next level.”
Beringea is a transatlantic venture capital investor that seeks to create lasting success for rapidly scaling entrepreneurial companies across a wide range of sectors, including health care, technology, media, consumer goods, and business services.
With offices in Farmington Hills, London, and Manchester (UK), the company states it provides patient capital and a global footprint to back founders throughout their journey, helping them overcome barriers to scale and build international success stories.
Micro-LAM, Inc. offers state of the art cutting technologies through a retrofittable system that equips precision machines with a hybrid laser-diamond cutting system. The system is used to efficiently machine materials that are difficult to cut, such as ceramics, silicon, glass, and hard metals, creating extremely high-quality optics and precision components. Founded in 2012, the company expanded its manufacturing facility in 2017.