- According to a SEC filing, Modumetal raised $26.6 million of a $33.8 million round. The filing also lists Aaron VanDevender — a partner at Peter Thiel’s Founders Fund who serves as chief scientist of the venture firm — and Steve Singh — the CEO of Concur — as directors.
- The involvement of Founders Fund is significant since the San Francisco-based firm places big bets on contrarian companies that have the ability to create their own sectors. Their portfolio includes companies such as SpaceX, Lyft, Palantir and Nanotronics Imaging, and VanDevender has been involved in cutting-edge technologies such as DNA sequencing and quantum mechanics.
- “By using our patented coating and cladding technology in demanding, highly corrosive and punishing environments, we are demonstrating significant improvements in the performance, durability and longevity of oil-producing assets, all while maintaining cost competitiveness with commodity metal products,” Lomasney said at the time.
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