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Posted on Mon, Apr 29, 2013 : 11:42 a.m.

Ann Arbor advanced ceramics startup closes seed round and adds experienced leadership

By Ben Freed

Ann Arbor-based startup Covaron Advanced Materials received its first outside funding when it won the Student Business Startup competition at Accelerate Michigan in November.

The company, which changed its name recently from Kymeira Advanced Materials, now has even more cash on hand after closing a $300,000 seed round, according to a report in Crain’s Detroit Business.

Kymeira-Advanced-Materials1.jpg

Covaron co-founders Vince Alessi (left) and Cameron Smith with their $25,000 prize at the Accelerate Michigan competition.

Courtesy Edward Wallace Photography

In addition to funding, Crain’s reports that two former Dow Chemical executives who were asked to perform due diligence on the company ended up signing on both as investors and company officials.

Investors in the company include Mercury Fund from Houston, Detroit-based First Step Fund and Ann Arbor-based Huron River Ventures. Many of the funds invested in the technology believe the markets it plans to enter could be worth billions of dollars, and according to Crain’s a second, larger, round of funding is already in the works.

Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at benfreed@annarbor.com. Follow him on twitter @BFreedinA2