iCOMAT Secures $22.5M to Revolutionize Composite Manufacturing

iCOMAT, a maker of advanced composite structures, has closed its Series A funding round, raising $22.5 million. This funding round was led by 8VC and co-led by the NATO Innovation Fund, with participation from Syensqo Ventures and existing investors Velocity Partners VC.

iCOMAT’s production technology targets delivering lighter and stronger structures for the aerospace and automotive industries. The company’s proprietary technology, known as Rapid Tow Shearing (RTS), allows for the steering of composite fibers to optimize structural properties, resulting in significant weight reduction and enhanced performance.

“iCOMAT is solving some of the most critical problems in materials, and the breakthroughs they’re making today will play a decisive role in the future of both combat and mobility,” said Alex Moore, a partner at 8VC.

Unlike traditional methods that lay carbon fiber tapes in straight lines, RTS allows for the precise steering of these tapes along curved paths without generating defects such as gaps, overlaps, or fiber buckling. This is achieved through in-plane shearing rather than bending, which maintains the integrity of the material. Instead of bending the fibers, which can cause defects like buckling or gaps, in-plane shearing allows the fibers to be moved laterally within the plane of the material. This means the fibers can be precisely steered along curved paths without compromising their structural integrity.

As a result, RTS can produce highly optimized, lightweight structures that use significantly less material, offering weight savings of up to 65% compared to conventional methods. This process is particularly beneficial for industries like aerospace and automotive, where reducing weight can lead to improved fuel efficiency and lower emissions. Additionally, RTS is compatible with a wide range of materials and can be fully automated, making it a cost-effective and scalable solution for high-volume manufacturing.

iCOMAT was founded in 2019 by CEO Dr. Evangelos Zympeloudis and is headquartered in Bristol, United Kingdom.

“iCOMAT’s RTS process not only offers unparalleled structural efficiency but unlocks fully automated production workflows, akin to automotive stamping lines,” said Dr. Zympeloudis. “We are thrilled to partner with our investors and accelerate progress towards our mission – to revolutionize transportation by delivering the lightest structures and vehicles possible.”

The aerospace and defense industry are experiencing a resurgence in demand, driven by the need for reduced and zero-emission aviation technologies. The composites market is projected to reach $158 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2030. This growth is fueled by the automotive industry’s shift towards polymer composites to replace heavier metal components, enhancing vehicle efficiency and sustainability.

8VC invests across a range of sectors including artificial intelligence, logistics, deep tech, biotech, digital health, defense, fintech, and enterprise solutions. 8VC participates in various stages of company growth, from pre-seed to Series B and beyond, with check sizes ranging from $100,000 to $50 million. The firm is currently investing out of its $880 million fifth fund which closed in 2021. 8VC was founded by Joe Lonsdale, a co-founder of Palantir, and is headquartered in Austin, Texas.

“We’re excited about iCOMAT’s groundbreaking technology and believe they will play a critical role in building a more resilient and sustainable future,” said Kelly Chen, a partner at NATO Innovation Fund. “We are proud to be investing in teams that are revolutionizing the transportation and defense sectors, from ground to sky to space.”

The NATO Innovation Fund is a venture capital initiative backed by 24 NATO member nations, deploying over €1 billion to invest in deep tech startups addressing challenges in defense, security, and resilience. The firm is headquartered in Bristol, United Kingdom.