DuraMon raises CHF 1 million in fresh capital
DuraMon has raised CHF 1 million in an early financing round. The fresh capital is intended to accelerate the market entry of the spin-off of the Swiss Federal Institute of Technology Zurich and support the growth phase.
Zurich-based DuraMon AG has received CHF 1 million in a seed financing round. The investment was led by the Zurich-based venture capital firm QBIT Capital. In addition to Serpentine Ventures, the ETH Foundation and other investors, the Zug-based building materials group Sika also participated as a strategic investor, according to a media release.
According to the statement, the funds raised will be used in particular to expand the team, broaden the customer portfolio and optimise and automate the company’s processes.
DuraMon is developing the world’s first sensor technology and smart analytics solution for precise and reliable monitoring of the corrosion status of reinforced and prestressed concrete. These solutions enable timely detection of deterioration in concrete infrastructures such as bridges, tunnels, car parks and garages.
DuraMon helps customers “choose the right type of repair for the right structure at the right time”. As a result, reinforced and prestressed concrete infrastructures are repaired neither too early nor too late, according to the promise.
Through the strategic partnership with global player Sika, “we can serve our customers in the construction industry with a comprehensive technology that enables sustainability through the rational use of construction materials and the proper maintenance of infrastructures and building structures,” Philippe Jost, head of construction and member of the executive board at Sika, is quoted as saying in the media release.
The spin-off of the Swiss Federal Institute of Technology Zurich(ETH) was founded in 2021 and transformed from DuraMon GmbH into DuraMon AG in April this year.