Fusion Coolant Systems recently secured an investment from the Michigan Pre-Seed Capital Fund, wrapping up a $600,000 angel round. The Detroit-based startup is also looking at conducting a Series A fundraising round worth $1 million that could wrap up by next year.
"We're not in a fundraising mode right now," says Tom Gross
, CEO of Fusion Coolant Systems
. "We're on a friend-raising mode right now."
The nearly 4-year-old company makes an environmentally friendly cutting fluid for industrial uses that help improve cutting tools performance while reducing the wear. Fusion Coolant Systems technology could eliminate the toxic cutting fluids that are standard today in sectors like aerospace and automotive. Its products are used by the like of General Electric, Ford, Masco and Boeing.
Fusion Coolant Systems
moved last year to the manufacturing center at Focus: HOPE
on Detroit's West Side, where it now employs seven people after hiring an engineer and sales manager over the last year. Gross hopes to hire 3-4 more people and hit sales of $1 million within the next year.
"We're already in the market now," Gross says. "We're looking to accelerate."
Source: Tom Gross, CEO of Fusion Coolant Systems
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.