Leeds innovator LC AuxeTec has secured £2m seed investment to develop its "world first" material that could revolutionise the way products such as electronic screens and glass are made.
The University of Leeds spin-out has received the backing of Northern Gritstone to develop its auxetic materials - which become thicker rather than thinner when stretched - from liquid crystal elastomers. The firm believes it is the world's first synthetic material which is auxetic at the molecular level.
It expands under pressure which could provide useful characteristics for products that need to absorb shocks, as well as resist fractures and tears. LC AuxeTec has already identified electronic screens and glass for buildings and vehicles as possible uses.
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The firm was founded by professor Helen Gleeson OBE, Cavendish Professor, and former head of the School of Physics at the University of Leeds, who made the discovery while working with the semi-soft elasticity of liquid crystal elastomers. LC's patent is exclusively licensed to the company which is moving into dedicated offices on the university campus.
Some of the funding is being used to grow LC's team, including the appointment of CEO Robert Gunn and senior engineer Matt Reynolds. Mr Gunn, who was previously CEO of consultancy business Enceladus Ventures will lead the firm as it looks to scale up for commercial use of the material.
Professor Gleeson said: "When we discovered that our materials were auxetic at the molecular level, we began to realise the opportunities that they could hold across a number of different industries as they can be stretched further than other materials already available. As we continue to test the properties of our material and expand our understanding of what it is achievable, Northern Gritstone’s funding will enable Robert and his new team to start making these potential use cases a reality. We will continue to work closely together to share knowledge and ensure the success of LC AuxeTec going forwards."
Duncan Johnson, CEO of Northern Gritstone, said: “In pushing the boundaries of their research to develop a unique auxetic material, Helen and her team have showcased Northern universities’ ability to drive innovation and create world-leading businesses in the region. This investment will help ensure LC AuxeTec’s technology reaches its full potential and maximise opportunities for commercial use. We look forward to working with Rob and the University of Leeds as they guide the company’s expansion and develop proof points that their industry partners can roll out across their products.”
Robert Gunn, incoming CEO of LC AuxeTec, said: “After working with many early-stage businesses in my previous role, I cannot wait to get onboard at LC AuxeTec and start work on developing this extraordinary material for real world uses. Northern Gritstone’s investment will be essential to helping us to achieve this, allowing us to take the world-class research produced by Helen and the University of Leeds team and commercialise it for industry. We are just beginning to grasp the full possibilities of this material and I am optimistic about the results we can deliver in the years ahead.”
Northern Gritstone was advised by Freeths, led by partner Dahren Naidoo.
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