ALMI Invest et al. inject SEK 15m into I-Tech

The investors were attracted to the deal because the product being developed by the company is believed to be a commercially viable and environmentally friendly alternative to heavy metal-based paints currently being used.

Funding will support further product development and a commercialisation of the product.

ALMI Invest, which invested through its ALMI Invest Västsverige fund, owns a 6% stake in the company following the transaction.

Company
I-Tech was founded in 2000 and is developing a new substance to avoid fouling (algaes, animals) on boats and ships. The product has been developed through research discoveries at Göteborg University and Chalmers University of Technology in the fields of marine biology, pharmacology and surface chemistry.

People
Anna Langenius is investment manager at ALMI Invest.

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