Innovyz Alum TFM Completes $250,000 Seed Round
Transform Metals (TFM) Pty Ltd – an alumni of the Innovyz Advanced Materials & Manufacturing (AM&M) Commercialisation Program – is pleased to announce that it has completed a seed round of fundraising.
TFM raised $250,000 to further its development of a titanium recycling process. TFM has been working with a number of experts at Deakin University in Victoria to further develop the TFM process and develop it to a commercial scale.
TFM was formed during the AM&M Program to commercialise technology researched at Deakin University. Investment was received from investors into the AM&M Program investors who have rights to make follow-on investments into companies created in the program and employees of the company.
The seed funding will be used to purchase equipment and test the process using a 75 tonne hydraulic press. If the testing is successful, TFM will seek further funding to upgrade equipment and develop commercial production processes.
TFM CEO John McCulloch said: “I am very pleased to see the strong support for TFM from its existing shareholders. We look forward to developing this research into a market ready product and bringing it to market. It has traditionally been very difficult and expensive to recycle titanium and this process should see that becomes easier and cheaper.”
Innovyz General Manager, Tom Kenyon, said: “This is a great result for TFM. It’s the second of the companies from the AM&M Program to raise funding after ASX listed company Amaero and we are really looking forward to seeing TFM progress to market.”
For more information contact: Tom Kenyon 0439 977 221