Eurekite announced securing funding of € 4.2 million in loans and equity

Eurekite, an Enschede, Netherlands-based producer of an innovative ceramic fibre mat, announced completing a financing round totalling €4.2 million ($5.1M).

The money is a combination of loans - €1.6M loan from RVO (the Netherlands Enterprise Agency) and a €600K lease facility from the High Tech Fund in Enschede - and a €2M ($2.4M) equity-investment provided by Oost NL through Innovation Fund Twente, Demcon and Lumana Invest.

Proceeds will be used to scale-up the production capacity of the company's proprietary Flexiramics materials.

Eurekite, founded in 2015 by Bahruz Mammadov and Gerard Cadafalch Gazquez (CEO), develops Flexiramics, a flexible pure ceramic fibre mat that is light and flexible like paper but retains the main physiochemical properties of traditional ceramics. The technology exceeds the newest emerging performance requirements for heat dissipation and is used for heat dissipation in the field of electronics, filtration and aerospace.

Eurekite previously raised a total of €2.75 million from the Cottonwood Technology Fund since being founded in 2015.