In a crowded venture capital landscape, it’s not uncommon for new firms to emerge with ambitious fundraising goals. However, Material Impact stands out from the pack, thanks to its unique approach and exceptional founders.
A Different Approach to Venture Capital
Material Impact, based in Boston, Massachusetts, has closed its debut fund with an impressive $110 million in capital commitments from a range of university endowments, foundations, family offices, and fund-of-funds. What sets the firm apart is its focus on transforming materials into companies that make a meaningful impact.
Meet the Founders
Carmichael Roberts, co-founder of Material Impact, has spent nearly a decade with North Bridge Venture Partners, where he led deals and helped build companies that create new products by applying chemistry, materials science, or materials engineering. He joined forces with Adam Sharkawy, who brings his expertise as an executive from the biopharmaceutical and medical equipment industries.
The two men have been collaborating since their days as PhD students at Duke University, where they served on the biomedical engineering advisory board together. Their partnership has led to significant innovations, with Material Impact being one of their most ambitious undertakings.
Supporting Startups through Multiple Channels
Material Impact approaches startups through three distinct avenues:
1. Scouring Universities for Innovation
The firm spends time with big and small companies across various industries, from agtech to automotive to e-commerce, to understand their pain points. They then scour universities with which they have ties to find solutions that might address these issues.
Many of these schools are located in Boston, including Harvard and MIT, but Roberts and Sharkawy emphasize their relationships with universities elsewhere, such as Northern California.
"We’re not just looking at universities in our backyard," says Sharkawy. "We have connections with institutions across the country."
2. Leveraging Corporate R&D
In other cases, Material Impact looks for ways to utilize products or ideas developed by corporate friends that they don’t know how to put to good use. For example, a material designed for feminine hygiene products could be repurposed for other applications.
Sharkawy notes that this approach not only helps companies tap into their R&D investments but also creates new revenue streams.
3. Fostering Ecosystem Collaboration
Material Impact brings together stakeholders from academia, industry, and government to foster collaboration and drive innovation. By facilitating connections between these groups, they create a fertile ground for ideas to flourish.
The Power of Materials Science
Sharkawy emphasizes the significance of materials science in driving technological advancements:
"We all talk about the iPhone, but without advances in underlying electronic materials and sensory reactive glass materials, it wouldn’t have been possible."
By focusing on materials innovation, Material Impact is poised to play a key role in shaping the future of various industries.
Conclusion
In a crowded venture capital landscape, Material Impact stands out for its unique approach and exceptional founders. By scouring universities, leveraging corporate R&D, and fostering ecosystem collaboration, they create a powerful platform for innovation. As the firm continues to grow and evolve, it’s likely to leave an indelible mark on the world of materials science and beyond.
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