CodiKoat secures funding
CodiKoat are thrilled to announce that we have received significant funding from GreenBank Capital Inc., SFC Capital and angel investors to the sum of $1.2m at a $15m valuation. Our patented technology eradicates particles of the COVID-19 virus ("Covid") and any of its mutations, together with any other existing and novel viruses that could emerge in the future.
The unique, world-leading strengths of the CodiKoat technology (“the technology” or “our technology”) are in its incredible performance and flexibility. CodiKoat technology can be applied to any surface or material, transforming that surface into an antiviral force that will inactivate virus particles, including Covid, in seconds. Our advanced coating technology means that once coated, the protection lasts for the product’s entire lifetime.
As a result, the applications for the technology are limitless. From touchscreen terminals, to hospital surfaces and supermarket trolley handles, as well as masks and gloves, the CodiKoat application instantly destroys Covid and any other viruses on contact.
We continue to develop our technology and its applications and are optimistic that new products including air filters can revolutionise safety in indoor environments. Such developments could dramatically enhance the safety of indoor spaces by turning air filtration and air conditioner units into antiviral, Covid-destroying air purifiers. Our revolutionary technology is cost effective in all formats and in this case would offer a lower cost alternative to other air filtration technologies including HEPA filters.
While pandemic restrictions are beginning to ease in many locations, the threat of Covid is far from over. Global vaccination programmes have so far provided powerful protection against existing strains of Covid, however it is largely expected that future mutations of the virus, as well as the emergence of other novel viruses, will continue to pose a significant threat.
The global pandemic has wreaked untold havoc to societies around the world, including large scale deaths and severe economic downturn cause by lockdowns. Our world-leading technology is capable of radically enhancing the fight against threats such as Covid, its mutations and future novel virus strains. We believe that, in time, there may well be international regulatory requirements for products and surfaces regularly coming into contact with people to be coated with the type of products that CodiKoat has already developed and continue to develop.
CodiKoat’s antiviral, antimicrobial and antifungal properties means our products have the potential to revolutionise the sanitisation practices in hospitals, hospitality and all other high-contact public areas. In the US alone, the transmission of flu is projected to cost upwards of $17bn every year due to loss of productivity, while hospital-acquired infections are thought to cost over $30bn per annum. Vastly reducing transmission in these cases could allow valuable resources to be put to better use.
The CodiKoat technology works by using surface-functionalised nanostructures to inactivate viruses instantly. It also the same effect on fungi and bacteria. We have developed a high-precision coating process to apply our product in a highly controllable and uniform manner. This provides a strong chemistry of nanostructures with the surface, which leads to high durability, lasting for the whole product lifetime. Our technology can coat any surface - be it hard or soft, rough or smooth, curved or flat - with nanoparticles of any composition and size. Our materials can be easily tuned at an atomic scale and integrated into existing manufacturing lines for any product. This means products can be custom built with CodiKoat technology or retrofit, depending on its current lifestage.
Existing technologies generally use silver or copper-based particles to kill viruses and bacteria. However, these materials can take hours to produce any antiviral or antimicrobial effect and are significantly less effective than CodiKoat. Typically, silver or copper-based particles have a relatively short lifespan (roughly 30-60 days) whereas CodiKoat's antiviral, antifungal and antibacterial effects are permanent. Our unique solution uses weak electric current to alter the surface charge characteristic of the virus particles. This modification in surface charge destabilises the electrokinetic properties of the viruses and facilitates aggregation of these particles. The aggregated viral particles lose their ability to enter host cells and infect them. This mechanism happens in a short time scale (< 10 seconds) producing a fast-acting inactivation of viral particles.
Our technology has been developed in association with the University of Cambridge, Oxford Innovation and the Cambridge Centre, partly with grant funding provided by the Innovate UK Fund.
The initial deployments of the technology will be in face masks (we are working with the UK's largest respirator producer, Cardiff-based Hardshell UK) and adhesive acetate film which can be applied to any number of surfaces to give life-long protection. CodiKoat’s commercial partners for the acetate film product are BDK Industrial Products Limited, who describe themselves as one of Europe's leading adhesive tape producers and have a division dedicated to producing products for the medical market.
We are delighted to confirm that CodiKoat’s first test pilot will begin at London’s Royal Opera House on Monday 17th May, 2021. Tests and trials are also scheduled to take place with leading chains of UK Care Homes and ATM providers, Cash On The Move and in office space - particularly notable as the UK begins to move away from the work from home order.
Having secured the funding agreement, our founders have said:
“We are very excited to have the support of our investors (Greenbank, SFC and our angle investors) and are looking forward to working with them to help take CodiKoat to the next level. In these troubling times and beyond, our technology has the potential to make the world a safer place to live and the support of our investors will help make that potential become reality.” Dr Reza Saberi (Co-Founder)
“We are delighted to have received significant investment from Green Bank Capital and SFC Capital to help us with our ambitious growth plans. We hope to be announcing further great news about the WORLD’S fastest acting coating technology that deactivates viruses in seconds, within the coming weeks!” Raj Sharma (Co founder and Commercial Director)
In a recent meeting, UK Health Secretary Matt Hancock immediately recognised the potential impact that CodiKoat could have for the National Health Service after learning of the technology, stating “That's amazing, I could see the benefit of this immediately, including within the NHS."
The CodiKoat team include:
Dr Reza Saberi. Reza holds a PhD in physics from the University of Cambridge and has over 12 years' experience in materials development processes and holds a portfolio of patents on coating techniques.
Dr Matin Mohseni. Matin is a biomedical scientist and engineer. He holds a PhD in development and targeting of metal oxide nanoparticles from UCL and has several publications in related scientific journals.
Dr Payam Nahavandi. Payam is a biomedical engineer and holds a PhD in Medical Imaging from UCL. He has managed numerous multidisciplinary projects during his career, leading to several high impact publications.
Mr Raj Sharma. Raj is a serial entrepreneur and has been involved as a Co-Founder, Investor and Director in a variety of successful start-ups in a variety of fields including tech, medical, automotive and food and drink.
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