TORONTO, July 10, 2020 - Phaseshift, a Materials Discovery company, secured $775,000 in pre-seed financing, with funding from Shanda Group, First Star Ventures, Hustle Fund and Eric Kwan (Angel). Raising capital in a tough post-COVID market signals incredibly strong validation from customers and investors.
“Phaseshift is a team of highly technical individuals with deep scientific expertise in Materials Science & Machine Learning. The highly technical background along with the vision and determination needed to have a real impact on a large industry. We are thrilled to partner with them to help realize their vision,” said Drew Volpe, Founder & Managing Partner at First Star Ventures.
The recent AI revolution finds its way to almost every industry – from transportation, drug discovery, autonomous retail checkout to robotics. However, little attention has been paid to apply AI to materials science. Eric Kwan, a partner at Locus Ventures, feels “…fortunate to find the perfect team in Phaseshift to do just that.”
“Traditional R&D of advanced materials has been an expensive and time-consuming process, mainly due to expensive tools and researchers along with the uncertainty that R&D carries by nature. We want to change that by incorporating AI in the process. AI that will enable us to predict material properties before a sample can be tested in the lab, empowering us to make informed decisions and minimize uncertainty. This will eventually improve the ROI on materials by making the process cheaper and shorter, along with materials that are highly optimized and perform better,” claims Fazal Mahmood, Co-Founder and CEO. “The materials Phaseshift will develop using its tools will not only outperform its competition through better performance but also enable engineers to realize applications that would otherwise be infeasible through conventional material choices.”
With the ability to optimize the materials for Additive Manufacturing, Phaseshift aims to develop materials that are ready for tomorrow. As Metal AM is applied to more industries and more applications are realized, the demand for new materials surges - materials that will unlock the full potential of Metal 3D Printing. Not only that, but metals that can be used to injection mold a range of objects from high-performance aerospace parts to consumer electronics will revolutionize the manufacturing landscape.
“I think using AI to develop new complex high-end materials is just beginning, and we are excited to be the first investor into Phaseshift, a team that has both incredible grit and talent,” says Elizabeth Yin, General Partner at Hustle Fund.
About Phaseshift Technologies
Traditional R&D tools are obsolete. Phaseshift Technologies develops highly specialized and complex alloys using Computational Chemistry coupled with Artificial Intelligence. Using AI as a tool to model the properties of thousands of materials simultaneously, Phaseshift improves the ROI on materials by shortening the R&D cycles and making it cheaper to develop advanced alloys. The materials that Phaseshift is currently working on have exceptional durability and have their applications in industries like Aerospace, Biomedical Implants, Consumer Electronics, etc.
Phaseshift was founded at the University of Toronto, by a group of 3 immigrant co-founders that possess expertise in Materials Science, Industrial Engineering & Physics.