Smart Skin Technologies, a Fredricton-based startup that specializes in an artificial touch-sensitive film, or “skin” for production lines, has raised $3.9 million in venture capital.
The new capital came from several investors, including Rho Canada Ventures, Build Ventures and GrowthWorks Atlantic Venture Fund. It will be used to accelerate product development and service more customers.
“We’ve experienced strong customer traction since our launch late last year,” said CEO Kumaran Thillainadarajah. “We have a powerful solution to a problem plaguing bottling and packaging companies that will save them millions of dollars each year. Our product is already deployed on factory floors around the world and with this new round of funding partners, we have the fuel to continue our growth and develop new products.”
Specifically the company produces an industry-first hardware and software solution to measure pressure and ensure efficient production among bottling and packaging assembly lines. The real-time monitoring of pressure on bottles, cans, or cardboard boxes in pack- aging lines improves efficiency and reduces downtime in plants.
As part of the rapidly evolving “Industrial Internet,” a company release claimed that the new technology and analytical capability has already been embraced by six of the top 10 beer brands in world, with other top food producers and packaging and container companies deploying it as well.
The company was founded in 2009 and has already raised $1.5 million from New Brunswick-based investors. The Canadian Innovation Exchange (CIX) named Smart Skin Technologies to its 2013 CIX Top 20.
“With its proven technology and strong leadership team, Smart Skin Technologies has quickly achieved significant customer traction with top global corporations,” said Rho Canada Ventures’ Jeff Grammer. “It also has the opportunity to extend its technology into many other industries. With funding and support from this round of investors, Smart Skin Technologies can expand its sales and marketing presence to quickly dominate a large and growing market. We see a bright future ahead.”
