Ludwigshafen, Germany – October 29, 2014 – BASF Venture Capital has led a $3 million Series A financing with a $1.5 million investment in SLIPS Technologies Inc. based in Cambridge, Massachusetts. The Swiss entrepreneur and private investor Hansjörg Wyss has also participated in the financing.
SLIPS Technologies develops customized, highly-repellent slippery surfaces for customers in all industries including energy, packaging, consumer, automotive and environmental. The company’s ground-breaking technology platform was created by Prof. Joanna Aizenberg and her team at the Wyss Institute for Biologically Inspired Engineering in Cambridge, Massachusetts, and the Harvard University School of Engineering and Applied Sciences in Cambridge, Massachusetts.
“We are happy to partner with SLIPS Technologies to advance this highly promising technology, which is at the forefront of materials science research,” said Dirk Nachtigal, Managing Director of BASF Venture Capital. “The investment through BASF Venture Capital will facilitate the development and commercialization of many exciting applications.”
Alongside the investment, BASF has signed a joint development agreement with SLIPS Technologies to develop SLIPS-coated thermoplastics with primary focus on thermoplastic polyurethanes (TPUs). TPUs are used in a variety of applications such as sports and leisure footwear, industrial cables as well as specialty films. “By collaborating with SLIPS Technologies, we will develop and commercialize TPUs with new and exciting properties,” said Steve Fischer, Director of New Markets & Products, Performance Materials division at BASF.
“SLIPS delivers solutions for creating exceptionally repellent and robust self-cleaning surfaces on metals, plastics, optics, textiles and ceramics,” said Daniel Behr, President and CEO of SLIPS Technologies. “We are happy to engage in joint development efforts with BASF to progress smart materials for the next generation of surface technologies for real market needs.”
The company will use the proceeds from the financing to advance various commercial applications of its slippery surfaces through internal development as well as in partnerships with its customers in industry and government.
About SLIPS Technologies Inc.
SLIPS Technologies is the leader in providing customized solutions for sticky problems in materials. We create highly-repellent slippery surfaces for customers in all industries including: energy, packaging, consumer, automotive and environmental. Our portfolio of pioneering and award-winning technologies and our years of know-how were created at the Wyss Institute for Biologically Inspired Engineering and the Harvard University School of Engineering and Applied Sciences. For more information go to www.slipstechnologies.com
About BASF Venture Capital
BASF Venture Capital GmbH was established in 2001 as a wholly owned subsidiary of BASF New Business GmbH, Ludwigshafen, Germany, with the aim of exploring new growth potentials based on investment in startup companies and funds. More information is available at www.basf-vc.com
At BASF, we create chemistry – and have been doing so for 150 years. Our portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. As the world’s leading chemical company, we combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of about €74 billion in 2013 and over 112,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com