Toronto-based materials science startup Phaseshift Technologies closed a $3 million seed financing round on Monday, led by Innospark Ventures with participation from Draper Associates and existing investor First Star Ventures. Additional support came from angel investors via Hustle Fund Angel Squad, the press release said.
Phaseshift is an advanced materials science startup, developing and commercializing newer alloys and composites through its proprietary AI-powered computational platform, Rapid Alloy Design (RAD).
“Industries eventually reach a point where existing materials become a bottleneck, making innovation at the materials level essential,” said Fazal Mahmood, Co-Founder and CEO of Phaseshift.
“Our AI-powered platform allows us to rapidly develop a portfolio of specialized materials that tackle real-world industrial problems often overlooked by others. By focusing on creating more durable, efficient, and sustainable materials across various industries, we’re helping to reduce waste, lower maintenance costs, and push the boundaries of what’s possible in engineering and manufacturing.”
Matt Fates, Partner at the Indian American-founded Innospark Ventures, joined Phaseshift’s Board of Directors as part of the funding round.
“Many industries are constrained by traditional materials that can’t meet modern performance demands. Phaseshift’s unique approach to rapidly designing and testing new materials addresses these often-overlooked challenges. They’re enabling companies to innovate beyond existing constraints, leading to significant advancements and competitive advantages across multiple sectors,” Fates said.
Using AI, Phaseshift’s RAD technology generates new materials and multi-scale simulations to test the materials before physical experimentation is carried out. Methods like these accelerate Phaseshift’s innovation while reducing resources spent on unsuccessful experiments.
Founded in 2019 by Chief Executive Officer Fazal Mahmood, Chief Technical Officer Dr. Gurjot Dhaliwal, and Chief Scientific Officer Dr. Abu Anand, Phaseshift’s ethos remains to bring accessibility, innovation, and advanced solutions to the field of materials science.