ETH Zurich Spinoff secures seed round30.06.2023
DuraMon AG, the Zurich-based startup developing the world’s first precise and reliable structural health corrosion monitoring solutions for the construction industry, has completed its seed round, raising CHF 1 million. This funding will enable the startup to accelerate its market entry and streamline processes to support the scale-up phase.
Reinforced concrete is widely used in large infrastructures such as tunnels, garages, and bridges, as well as in many public and private buildings. However, the service life of reinforced concrete structures is often limited due to corrosion of the steel reinforcement. Concrete structures suffering from corrosion must be repaired in order for them to reach their expected service life, but there is currently a lack of knowledge to determine the right time of repair.
Founded in 2021, DuraMon AG provides the world’s first sensor technologies and Smart Analytics solution to enable precise and reliable structural health corrosion monitoring for reinforced and prestressed concrete infrastructures. The solution allows for the early detection of deterioration processes and includes data interpretation services to facilitate cost-efficient, resource-efficient, and safe maintenance strategies.
Following the competition of its Minimum Viable Product one month after incorporation, the startup secured its first contracts and has since generated growing revenues. The customer base has also continued to grow. The proceeds from the seed round will allow the company to grow through hiring and broaden its customer portfolio. A part of the proceeds will also flow into optimising and automating its operations.
“This funding round sets us on a trajectory to thrive during the scale-up phase. With the support of this financing round, we are well-positioned to accelerate our market entry and introduce our innovative technology to new customers in various geographical locations”, comments the startup.
Swiss early-stage venture capital firm QBIT Capital led the round. The round also attracted SIKA – a chemicals company with a leading position in developing and producing systems and products for bonding, sealing, damping, reinforcing and protecting in the building sector and motor vehicle industry – as a strategic investor. Serpentine Ventures, ETH Foundation, and other experienced Angel Investors participated in the round.
“Sika’s strategic partnership with DuraMon is an alignment of visions: Together, we can serve our customers in the construction industry with a comprehensive technology that enables sustainability via both the rationale use of construction materials and the proper maintenance of infrastructures and building structures,” said Philippe Jost, Head of Construction and Member of Group Management.
In line with the financing round, DuraMon expanded its board to include Georges Khneysser, Managing Partner at QBIT Capital. He joins the startup’s board of directors which comprises co-founders Yurena Seguí Femenias and Prof. Dr Ueli Angst.