LiquiGlide has entered into an intellectual-property-based financing deal with Aon plc , a global professional services firm, and Atlas Credit Partners, an asset management firm, worth $35 million. The investment will allow LiquiGlide to expand its commercial activities and continue to develop its platform for new applications.
LiquiGlide's EveryDrop technology has already been applied to Colgate's Elixir, sub-brand of toothpaste.
The funding deal provides non-dilutive growth capital based on the value of the LiquiGlide's technology.
"We are surrounded by liquid products–from food or cosmetics in everyday life to valuable drugs or biologics in industry," said Kripa Varanasi, an MIT professor and co-founder and chairman of LiquiGlide. "Until now, we've accepted significant waste, whether in manufacturing or in packaging, as part of the price for these products because they stick to containers or devices they touch. By eliminating friction, LiquiGlide's technology removes this basic constraint. Now, we can dispense every last drop, minimize yield loss in manufacturing, and reduce occlusions and infections in medical devices. Our team is on a mission to change the paradigm across industries to usher in sustainable products and processes as well as improve patient experiences and outcomes.”
“Aon and Atlas Credit Partners are innovative collaborators, who we are excited to have on board for the next phase of growth," said Alex Ewing, LiquiGlide’s chief operating officer. “This capital allows us to scale our business and technology across packaging and biomedical applications to create products, systems and processes that are better for businesses, people and the planet. Intellectual property continues to be one of the most valuable assets for driving growth, yet it remains elusive in the capital markets. Being able to better value and define intellectual property as an asset class creates new capital solutions for companies such as LiquiGlide and underscores the importance of IP for companies at all stages.”
"We are both privileged and excited to work with the Aon and LiquiGlide teams to create a value-enhanced capital solution," said Drew Mallozzi, managing partner of Atlas Credit Partners. "Our structure will allow LiquiGlide to further advance the commercialization of its groundbreaking technology."