Richmond, Va.-based Cupron Performance Additives has raised an undisclosed amount from issue of a first tranche of Series A preferred stock, and announced a strategic appointment to its board, as the copper-focused company bids to expand into specialty chemicals. An SEC filing shows the company raised $4.4 million from a dozen investors, in its quest to raise $7.5 million.
Cupron named Mark Miller, former president and chief operating officer of Nagase Specialty Materials, to its board. He has more than 25 years of experience in advanced materials and specialty chemicals, and previously held leadership positions at Lonza (now Arxada) and BASF.
“Mark has built and led commercial organizations at the intersection of science and consumer product innovation,” said Cupron CEO Chris Andrews, who has led the company for the past decade. “His insight into scaling specialty chemical solutions, especially in hygiene and microbial control, will be a tremendous asset as we expand our partnerships and bring new Cupron-enhanced products to market.” Andrews, who received an economics degree from Dartmouth College, was previously the CEO of NanoChemonics.
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Cupron has traditionally focused on patented copper-based formulations to build antimicrobial, personal care, and material enhancement products. Its products have applications in medical devices, textiles, plastics and solids, coatings, water infrastructure, building and construction, oil and gas, and specialty industrial.
From socks to kill athlete’s foot fungus to adult diapers sold in Israel, Cupron’s products have a range of use cases. One of its products registered with the EPA claims to kill 99.9% of bacteria in under two hours.
The newly secured funds will enable Cupron to accelerate the planned transition into a specialty chemical company, supporting expanded product development, technical support and marketing, the company said.
