Carbice announces first close of $15m Series A funding round

Carbice

Carbice Corporation have announced the first closing of a $15m Series A funding round led by Downing Ventures with additional funding provided by Toyota AI Ventures.

Carbice produces ‘Carbice Carbon’, a product that lowers device temperatures and dissipates heat away from product packaging. It is being used in space applications within satellites as well as in many terrestrial applications, and leads the industry on long-term reliability in diverse operational environments.

These funds will allow Carbice to attract top talent to help grow their sales and marketing functions and enable the company to scale their production to meet the significant product demand.

Carbice was founded by Dr. Bara Cola, a scientist and engineer, who holds one of the longest tenures in the field of carbon nanotubes working on and researching them since 1999 and winning multiple awards for his research and patented designs. He de-risked Carbice by building the company for scalability from day one, establishing the IP for manufacturing rather than just the product itself, which is the pitfall of many materials start-ups.

Using government grants and commissioning projects for the US Army, Air Force, and National Science Foundation has allowed Bara and his team to move through multiple generations and really understand the product in a low-cost environment. The manufacturing process has now had nearly a decade to mature, with batch processing of the product taking minutes to grow with a 90% uniform yield, putting Carbice in a very strong position to scale up with Downing Ventures investment.

Dr. Bara Cola comments: “Downing is the right fit for Carbice because of Warren. Like us, he is a fierce competitor with a friendly and honest approach, with great insight into how the future will be built. The whole Downing legacy and team are great too and they are very friendly and supportive to great entrepreneurial teams like ours.”

Warren Rogers, Partner and Head of Ventures at Downing Ventures adds: “Not only is Bara one of the greatest technical minds out there, he is invested in how people and the world operate to make this planet a better place for everyone which is clear when you experience their company culture. Carbice® Carbon is nothing short of revolutionary and will completely disrupt thermal management in every industry. We look forward to being part of the journey with Bara and his team while building this transformative enterprise.”

Jim Adler, Founding Managing Director of Toyota AI Ventures, comments: “Thermal management is a critical electronics issue that has seen little disruptive innovation. Carbice® Carbon’s heat-conducting technology is a game-changer for applications in multiple industries. Bara is a proven leader with the ideal combination of vision, strategy, operations, and technical expertise to realise Carbice’s potential.”

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