A $7-Million capital injection from Toronto-based Roadmap Capital enables LiquiGlide to accelerate growth strategy and hire more top scientists.
March 11, 2015
by Canadian Packaging staff
Cambridge, Mass.—LiquiGlide Inc. has announced that the Toronto-based Roadmap Capital has invested $7-million in equity funding in the company, enabling LiquiGlide to secure commercial deals in multiple market verticals and accelerate its growth strategy.
The influx of capital has enabled LiquiGlide to move into a new 11,000-square-foot, state-of-the-art laboratory and office space in Cambridge, Massachucetts, which will help the company continue to attract top scientists.
LiquiGlide is the first company to create permanently wet slippery surfaces, changing how liquids move. From oil and gas, to better packaging for consumer goods, to high-tech medical equipment, LiquiGlide’s technology allows viscous liquids to move easily.
Using its patented platform, LiquiGlide can create custom coatings that work and are safe across countless consumer and industrial applications.
“We see unlimited potential for our slippery coatings and feel a sense of urgency to bring them to the industries where they can make a real impact,” says LiquiGlide co-inventor and chief executive officer Dave Smith. “The support from Roadmap Capital will help us build our customer base across industries and attract innovative scientists.”
LiquiGlide co-inventor and Massachusetts Institute of Technology (MIT) professor Kripa Varanasi adds, “Watching LiquiGlide’s technology emerge from the lab and pique the interest of executives at leading CPG companies and prestigious venture capitalists is a great vote of confidence in the market potential for our technology and the capabilities of our leadership team.”
LiquiGlide’s patented technology platform for permanently wet, slippery surface coatings was developed at MIT by Varanasi and Smith, who also co-founded LiquiGlide Inc.
LiquiGlide’s coatings are custom-made for each application by combining a porous solid with a liquid that gets trapped within it via strong capillary forces.
LiquiGlide’s coatings can literally be made from edible ingredients, making them completely safe for foods, health and beauty products and other consumer goods. The coatings are commercially viable for a multitude of industries, from consumer packaged goods to oil and gas, medical, life sciences, agrochemical and aerospace.
LiquiGlide’s momentum began in 2012 after winning the Audience Choice Award at the MIT $100K Entrepreneurship Competition and first prize at the Mass Challenge, and after its ketchup bottle video went viral.
Thousands of potential customers inquired about the technology, including the largest consumer packaged goods companies in the world, and LiquiGlide was founded to commercialize MIT’s patents for liquid-impregnated surfaces. LiquiGlide now has more than 30 paying clients across multiple industries and with more than 20 employees.
“We see the inherent value that LiquiGlide’s technology can bring to the world—from saving consumers money to cutting manufacturing costs and even saving lives—and we confidently stand behind the company, which we truly believe is changing the way liquids move,” says Roadmap Capital principal Stephen Ireland. “We are not just capital investors, but strategic partners and advisors. We are looking forward to working closely with LiquiGlide’s management team to help them grow their business and rapidly bring their technology to market.”
To learn more about LiquiGlide’s innovative technology platform, visit www.liquiglide.com/tech.
To see more videos of LiquiGlide in action and go “Holy smokes”, visit www.liquiglide.com/videos.