Impression Technologies Ltd (ITL) has raised £3m in Series B funding from Mercia Technologies Plc and Touchstone Innovations.
As a result of the investment, Mercia’s interest in the firm’s share capital will increase from 18.2% to 26.4%.
Based in Coventry, ITL’s product was initially researched at the University of Birmingham and subsequently spun out of Imperial College.
The firm has patented a technology called ‘Hot Form Quench’, which is used to press strong, lightweight aluminium components for the automotive sector.
ITL says the investment will allow it to scaleup its commercial operations and onboard new customers overseas.
Jonathan Watkins, the CEO of Impression Technologies, commented on the news: “I am delighted to receive this further investment from Mercia Technologies which will allow Impression Technologies to complete the commercialisation and scale up of its unique HFQÒ technology.
“The support from Mercia will provide resources to exploit a rapidly growing number of opportunities with international OEMs and tiers in automotive, aerospace and industrial markets,” he added.
The news comes after Mercia Technologies invested in BioTech firm Oxford Genetics earlier this month.
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