Press Release: Angel Networks Invest in Metamaterial Technologies Inc.
For Immediate Release
Angel Networks Invest in Metamaterial Technologies Inc.
Accelerating Expansion of Aircraft Windscreen Protection Technology
February 23, 2016 -- HALIFAX, NS – Today, the First Angel Network (FAN) of Atlantic Canada and the Wilmington Investor Network (WIN) of North Carolina are pleased to announce they are investing in Metamaterial Technologies Inc. (MTI) to help bring its thin-film nanotechnology products to market.
Metamaterial Technologies Inc. (MTI) is a smart materials and photonics company that is changing the way we use, interact, and benefit from light. The company has developed a new patented platform technology with a variety of thin-film metamaterials that are capable of dramatically changing the way light can be manipulated. These thin-films can absorb, block or enhance light.
The company’s Lamda Guard division develops products that can selectively block light of specific colours or wavelengths. It has developed a product called metaAIR that can be applied on the entire inside surface of a cockpit’s windscreen to block laser beams and protect the pilot’s vision.
In 2014, the company signed an agreement with leading aircraft manufacturer Airbus, to test the breakthrough innovation and is now moving to the commercialization phase.
“In addition to offering us guidance from a pool of experienced investors, the FAN WIN alliance helps MTI open doors into the US market, which is key to our growth and development,” said George Palikaras, president and CEO of MTI.
“I am excited about this second round of co-investment with MTI. MTI was our first co-investment with WIN since formalizing the alliance.” said Ross Finlay, co-founder and director of the First Angel Network. “After reviewing their team’s expertise and the technology’s applications for commercial and military aircraft, police visors, LED lighting, even solar panels, the potential of this company is staggering.”
“We are committed to helping MTI become a successful and profitable company and we are eager to see this company make a difference in air safety, starting with protecting pilots from laser strikes," said Michael Cain, managing member of the Wilmington Investor Network. According to the Federal Aviation Authority (FAA), aircraft laser strikes in the U.S. have nearly doubled to 7,703 in 2015, from 3,900 reported last year.
Young, innovative companies like MTI must raise millions of dollars to guide them through R&D, testing and prototyping before their product can reach the marketplace. The FAN WIN network of angel investors fills the gap between informal investors, like friends and family, government grants and later-stage institutional investors. The FAN WIN alliance is not disclosing the actual amount being invested in MTI, however, its investment targets for early-stage companies typically range between $200K and $2 million.
About First Angel Network (FAN)
The First Angel Network Association (FAN) is a not-for-profit organization formed to bridge the capital gap for companies. With 85 members the First Angel Network is the most active angel investment network in Atlantic Canada. FAN provides entrepreneurs and investors with a confidential, disciplined, high-quality, private equity investment experience through networking and education. Its members have invested millions in Atlantic Canadian companies since 2005.
About Wilmington Investor Network (WIN)
Wilmington Investor Network, LLC is private equity fund of angel investors located in Wilmington, North Carolina. Founded in 2004, WIN has invested millions in start-up companies, particularly in the areas of technology, biotechnology and medical devices. In its current portfolio are 25 companies hailing from California, Arizona, Massachusetts, eastern North and South Carolina, and now Atlantic Canada.
Ross Finlay, Co-Founder & Director
Michael Cain, Sr., Managing Member