Polymer tech startup Direct-C secures C$3.5m in Series A funding

GreenSky and Henkel Adhesive Technologies led the round.

  • Direct-C’s technology enables enhanced response times to unexpected incidents and helps to limit cost-intensive unplanned production downtimes
  • GreenSky invests in early-stage Canadian technology companies
  • Henkel Tech Ventures is the venture capital arm of Henkel Adhesive Technologies

Direct-C, an Edmonton-based nanocomposite polymer technology startup, has raised C$3.5 million in Series A financing. GreenSky Capital and Henkel Adhesive Technologies led the round.

“The combination of the Direct-C sensor technology and our broad MRO portfolio and expertise offers great potentials for innovative end-to-end solutions,” said Paolo Bavaj, head of corporate venturing at Henkel Adhesive Technologies, in a statement. “Together we aim to develop digital business models that help innovating our traditional MRO business towards the increasing demands for novel and efficient industrial IoT applications. Thus, the investment perfectly fits to our business strategy to implement and enable predictive maintenance solutions across industries.”

Founded in 2014, Direct-C has developed a polymer nanocomposite sensor material that is adaptable to various polymer matrices and sensing parameters. The technology is specifically designed to react to liquid hydrocarbons and provides a unique leak detection solution for integrity monitoring of oil and gas infrastructure. It enables enhanced response times to unexpected incidents and helps to limit cost-intensive unplanned production downtimes.

Henkel Tech Ventures is the corporate venture capital arm of Henkel Adhesive Technologies, established in 2016. Headquartered in Düsseldorf, Germany it functions as a connector between external innovators and Henkel.

GreenSky Capital is a Toronto-based firm that makes investments in early-stage Canadian technology companies through its affiliated venture capital funds, GreenSky Accelerator Fund I, II, III and IV.