Materials testing startup Plastometrex raises Seed Round
Plastometrex – a Cambridge startup founded in 2018 to develop advanced materials testing solutions – has closed an unspecified seed investment round.
The round was led by Element Materials Technology, a global leader in product and qualification testing, with participation from Vanneck EIS and Reimagined Capital.
Founded by a team of leading materials scientists, Plastometrex’s advanced software platform has been designed to make mechanical materials testing simpler, faster and cheaper, whilst providing users with rich and actionable data sets.
The testing solutions under development combine expertise in materials science, advanced numerical modelling, optimisation algorithms and machine learning methods.
The maiden product, launched in June, is the Indentation Plastometer which measures full stress-strain curves and metal strength parameters from a rapid and non-destructive indentation test.
By combining the very best attributes of tensile testing and hardness testing into a single technical solution, Indentation Plastometry is set to provide a wide range of industries with greater access and deeper insights into the mechanical properties of their materials and products, the company maintains.
Plastometrex’s new funds will allow the team to roll out their flagship product to a variety of key markets, with a focus on R & D facilities, testing laboratories, automotive, aerospace, and primary metal producers.
Beyond commercial expansion, the investment will fund the development of a full product ecosystem covering the measurement of plasticity parameters, creep parameters, and residual stresses. Portable measurement devices are also planned.
Dr James Dean, co-founder and CEO of Plastometrex said: “We are very excited to close our seed investment round. Element is a world leader in the testing, inspection and certification sector and it’s clear that partnering with them will accelerate all aspects of our business. We look forward to growing the business with their expert support.”
Jo Wetz, CEO at Element Materials Technology added:“The Plastometrex team are world leading in their field and their potentially disruptive technologies are set to make a real impact in the mechanical testing sector. We look forward to working with the team to support their ambitions of bringing their unique product ecosystem to the market.”