We have advised Cambridge University spinout Metalysis on its venture capital fundraising of more than £5 million for its ground-breaking metals winning technology.
The new funding comes after an earlier £8 million round, also negotiated by Mills & Reeve, and will be used to help develop the company's market-leading FCC Cambridge process.
Mills & Reeve partner Zickie Lim, who led the legal team acting for Metalysis, said the funding would help the business to build value and confidence in its technology, support small scale supplies of metallurgical tantalum and titanium to customers using its technology and enhance its reputation and profile in the metals production market.
"We are delighted to be working with such an exciting and innovative technology company. Metalysis is a positive example of what small university spinouts can achieve with disruptive technology and the support of some insightful venture capital investors. The fact that Metalysis has secured such a significant amount of investment in what are truly testing times for early stage tech businesses is a testament to the quality of their technology and the market opportunity for the business," she said.
The funding was provided by existing investors, Environmental Technologies Fund, alongside 3i, Chord Capital, Seven Spires Investments and Cody Gate Ventures.
Metalysis, which is revolutionising the metals industry through innovative technology systems, uses a process developed at Cambridge University – the FFC Cambridge Process, named after its inventors.
Harry Pepper, Chief Financial Officer of Metalysis, now Yorkshire-based, said that the groundbreaking process was a cheaper, less capital-intensive and environmentally more attractive production route to high-value metals and alloys.
"Three years ago, we had a workforce of just three, and now the enterprise employs 43 people in science and engineering, scale-up and commercial development operations," he said.
"Mills & Reeve's team has worked closely with us since our spinout and start-up and their expertise and knowledge, particularly in relation to venture capital and equity funding and technology matters, has been invaluable in helping us grow our business."
During the past five years, Metalysis has raised £19 million in venture capital funding and a further £4 million in grants.
Zickie, who has particular expertise in the venture capital fundraisings, particularly in the context of the university spinout field, has advised in relation to over 60 spinouts from universities including Cambridge, Oxford, Warwick, Birmingham, Keele, Essex, UEA and Hertfordshire.
The Mills & Reeve legal team also included corporate solicitors Jonathan Greenwood and Pippa Pearce, along with Nicola Kenward advising on technology.