The cutting edge of lighter, strongerPublished: Monday, November 23, 2020 By: Steve Metzer Source: The Journal Record
“I don’t think we’ll move out of Stillwater anytime soon,” she said.
A larger-scale manufacturing facility also could be considered for Oklahoma, Keith said.
The company has earned plenty of notice from organizations that encourage new product innovation and entrepreneurship – and also from potential investors. In 2016, MITO topped the field in the Oklahoma Governor’s Cup business plan competition, and since then it has placed among the best in the nation in other such competitions. In August, the company announced an oversubscribed $1 million Series Seed funding round led by two Chicago-based firms, Dipalo Ventures and Clean Energy Trust. Other participants included Charlottesville, Virginia-based CavAngels; Indiana-based HG Ventures; Oklahoma-based Cortado Ventures; and others. That followed the company’s receipt of more than $1.1 million in grants from the National Science Foundation and other financial support shown by organizations that have expressed confidence in MITO’s product designed to allow manufacturers to replace metal components in products with lighter, more durable composite materials.
“I describe it as an ingredient that can change the way we see and use materials, especially in industry,” Keith said. “There are a lot of possibilities to unlock with it, and the cool thing is that it started in Oklahoma.”
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