October 21, 2024 08:00 AM Eastern Daylight Time

TORONTO–(BUSINESS WIRE)–Phaseshift Technologies (“Phaseshift”), an advanced materials company specializing in the development and commercialization of next-generation alloys and composites through its proprietary AI-powered computational platform, Rapid Alloy Design (RAD)™, today announced the closing of a US $3 (CA$4.1) million seed financing round. The round was led by Innospark Ventures, with participation from Draper Associates and follow-on investment from First Star Ventures, which had previously contributed to Phaseshift’s pre-seed round. Additional support came from angel investors through Hustle Fund Angel Squad.

“Many industries are constrained by traditional materials that can’t meet modern performance demands. Phaseshift’s unique approach to rapidly designing and testing new materials addresses these often-overlooked challenges. They’re enabling companies to innovate beyond existing constraints, leading to significant advancements and competitive advantages across multiple sectors.”Post this

The funding will enable Phaseshift to accelerate the development and commercialization of new materials addressing critical industrial challenges across a wide range of sectors, including aerospace, automotive, mining, energy, and advanced manufacturing.

“Industries eventually reach a point where existing materials become a bottleneck, making innovation at the materials level essential,” said Fazal Mahmood, Co-Founder and CEO of Phaseshift. “Our AI-powered platform allows us to rapidly develop a portfolio of specialized materials that tackle real-world industrial problems often overlooked by others. By focusing on creating more durable, efficient, and sustainable materials across various industries, we’re helping to reduce waste, lower maintenance costs, and push the boundaries of what’s possible in engineering and manufacturing.”

Strategic Leadership and Board Expansion

As part of the funding round, Matt Fates, Partner at Innospark Ventures, has joined Phaseshift’s Board of Directors. Matt brings over 25 years of valuable experience helping tech companies grow and will be instrumental in guiding Phaseshift’s next steps.

Matt notes, “Many industries are constrained by traditional materials that can’t meet modern performance demands. Phaseshift’s unique approach to rapidly designing and testing new materials addresses these often-overlooked challenges. They’re enabling companies to innovate beyond existing constraints, leading to significant advancements and competitive advantages across multiple sectors.”

Accelerating Material Innovation Through AI

As industries strive for efficiency and sustainability, they often encounter limitations due to the capabilities of existing materials.

“Phaseshift is solving a fundamental bottleneck in industrial innovation,” said Tim Draper, Founder and Managing Partner at Draper Associates. “By making advanced materials development faster and more accessible, they’re empowering industries to tackle practical challenges that have been ignored for too long. Their ability to quickly generate a wide array of new materials opens doors to solutions that can transform entire sectors, from transportation and energy production to consumer goods and beyond.”

Phaseshift’s Rapid Alloy Design (RAD)™ platform rethinks how new metallic alloys and composites are designed. Traditionally, developing new materials is a slow and expensive process, often taking years of trial and error with no guarantee of success. RAD™ uses Artificial Intelligence (AI) to generate new materials and multi-scale simulations to evaluate their performance before any physical experiments are performed. This approach narrows down the search to the most promising candidates, significantly reducing resources spent on unsuccessful experiments and accelerating development timelines.

By reducing upfront investment, improving chances of success, and speeding up development, Phaseshift’s approach enables industries to quickly develop new materials that serve as drop-in replacements. This helps overcome supply chain limitations, reduce reliance on scarce or costly raw materials, and address practical challenges in efficiency and sustainability across a broad spectrum of applications.

About Phaseshift Technologies Inc.

Phaseshift Technologies is a Toronto-based advanced materials company developing new engineering materials using AI. Utilizing its Rapid Alloy Design (RAD)™ platform, it accelerates the creation of new metallic alloys and composites tailored to solve specific industrial problems often overlooked by others. By focusing on practical applications across diverse sectors, Phaseshift makes advanced material solutions more accessible, helping industries overcome limitations related to efficiency and sustainability.

The company was co-founded by:

• Fazal Mahmood, Chief Executive Officer
• Dr. Gurjot Dhaliwal, Chief Technology Officer
• Dr. Abu Anand, Chief Scientific Officer

Contacts

Media
Fazal Mahmood
CEO & Co-founder
Phaseshift Technologies
Email: fazal@phaseshift.ai
Website: https://phaseshift.ai

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