Capstone Partners advised CHASM Advanced Materials—a developer and manufacturer of printed electronics and battery materials—on a $15 Series C equity capital raise. The round was led by Schweitzer Mauduit International (NYSE: SWM) and Birla Carbon, with participation from the Walton Family, NXT Ventures, and incumbent VC WAVE Equity Partners, among others.
Based in Canton, MA, and a portfolio company of WAVE Equity Partners, CHASM Advanced Materials is a leading provider of hybrid nanotechnology-based advanced materials and the inventor of nanotube hybrids. CHASM uses its proprietary carbon nanotubes (CNT) and ink for the development of flexible and transparent printed electronics and other advanced carbon applications. CHASM has commercialized the world’s first platform for developing flexible and transparent IoT sensors, wearables, antennas, and 3D touch surfaces.
Funded by an even mix of strategic and early-stage financial investors, the capital raised will be used to accelerate commercial penetration of CHASM’s AgeNT™ products for transparent printed electronics, NTeC™ products for energy storage and a broad range of composites applications, and to launch CHASM-H2O™—a new category of membranes targeted at disrupting water treatment to address the world’s water scarcity problem.
Capstone’s emphasis on CHASM as a sustainable provider of next-generation CNT solutions garnered high interest from ESG-focused early-stage investors, with some committing capital to future growth rounds as well. Capstone was engaged by CHASM at the peak of COVID-19 to complete a Series C capital raise, and Capstone was able to complete the full round despite pandemic-related capital constraints.
CHASM’s disruptive hybrid CNT technology is a game-changing advanced material that will significantly enhance multiple industrial technology end markets. It was a pleasure working closely with the CHASM management team and WAVE Equity Partners.
Schweitzer Mauduit International is a leading global performance materials company focused on developing highly engineered thin films and composites. The company’s films, adhesive tapes, foams, nets, nonwovens, and papers are designed and manufactured using resins, polymers, and natural fibers for a variety of industries and specialty applications. SWM and its subsidiaries manufacture on four continents, conduct business in over 90 countries and employ approximately 5,000 people worldwide.
Birla Carbon is a leading global supplier of carbon solutions. As a flagship business of the Aditya Birla Group—a leading Indian multinational conglomerate—Birla Carbon provides innovative sustainable carbon black solutions that enhance the performance of paints, inks, plastics, adhesives, sealants, textile fibers, tires, and more. The company’s footprint extends across 12 countries with 16 manufacturing facilities and two state-of-the-art technology centers in Marietta (USA) and Taloja (India), providing industry-leading innovation.
WAVE Equity Partners is a Boston-based private equity firm that accelerates market-validated companies by solving some of the world’s greatest challenges in essential markets for clean energy, water, waste, food, and clean air. The company specializes in breakthrough innovations in hard tech and manufacturing.
The expert investment banking professionals on Capstone Partners’ Industrial Technology Group works with leading middle market companies operating in the automation market to help maximize financial outcomes at every stage of the business lifecycle. Our firm has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity firms address any need, ranging from growth and financial or operational advisement to an ultimate exit transaction. To learn more about this transaction, or about the benefits of starting a relationship with our ITG Banking Team, contact us here.