University of Leeds deeptech spin-out announces £2m seed investment round

Northern Gritstone, the investment business focused on university spin-outs and technology-enabled businesses in the North of England, has invested in LC AuxeTec, a deeptech company developing auxetic materials from liquid crystal elastomers, as part of a targeted £2m seed investment funding round.

Auxeticity, the property of a material to become thicker rather than thinner when stretched, is a unique phenomenon. In nature, this property can be seen in places like the Achilles tendon and cat skin.

Auxeticity is attractive as it can give materials an advantage when it comes to absorbing shock, as well as resisting fractures and tears. That makes these materials promising in applications that require durability and robustness, such as electronic screens and glass for buildings and vehicles.

LC AuxeTec is the first spin-out from the University of Leeds to receive investment from Northern Gritstone as part of a seed investment round. The company was conceived by Professor Helen Gleeson OBE, Cavendish Professor, and former Head of the School of Physics at the University.

The company will use the funding to build out its team and appoint its first full-time employees, including incoming CEO Robert Gunn and Senior Engineer Matt Reynolds, and move into dedicated offices in the Nexus building on the University of Leeds campus. Northern Gritstone was advised by Freeths led by Dahren Naidoo (partner).

Robert Gunn, incoming CEO of LC AuxeTec, commented: “After working with many early-stage businesses in my previous role, I cannot wait to get onboard at LC AuxeTec and start work on developing this extraordinary material for real world uses.

“Northern Gritstone’s investment will be essential to helping us to achieve this, allowing us to take the world-class research produced by Helen and the University of Leeds team and commercialise it for industry. We are just beginning to grasp the full possibilities of this material and I am optimistic about the results we can deliver in the years ahead.”

Professor Helen Gleeson, founder of LC Auxetec and Cavendish Professor of Physics at the University of Leeds, added: “When we discovered that our materials were auxetic at the molecular level, we began to realise the opportunities that they could hold across a number of different industries as they can be stretched further than other materials already available.

“As we continue to test the properties of our material and expand our understanding of what it is achievable, Northern Gritstone’s funding will enable Robert and his new team to start making these potential use cases a reality. We will continue to work closely together to share knowledge and ensure the success of LC AuxeTec going forwards.”

By Matthew Neville – Senior Correspondent, Bdaily

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