Downing Ventures Leads $15m Series A Funding Round for Carbice: Definers of This Generation’s Material Age

Downing Ventures is pleased to announce the first closing of the $15 million Series A funding round for Carbice Corporation with additional funding provided by Toyota AI Ventures. Carbice produces Carbice® Carbon, a product that lowers device temperatures and dissipates heat away from product packaging. It is being used in space applications within satellites as well as in many terrestrial applications, and leads the industry on long-term reliability in diverse operational environments. Carbice® Carbon technology provides the only thermo-interface solution on the market, allowing for thermo-connectivity management that is simple to make and easy to handle, apply and rework. These funds will allow Carbice to attract top talent to help grow their sales and marketing functions and enable the company to scale their production to meet the significant product demand.

If defining the ages of human civilisation on the planet by materials science, Carbice® Carbon offers the same opportunities in engineering production as all the fundamental ages that went before (Stone, Iron, Bronze, Glass, Steel, Plastic). In a time of rapid digitisation, industry has been restricted by the thermal dissipation of the heat that is generated as a natural part of electronic devices operation. The future iterations of all next-generation electronics will have greater heat problems than before. As ever-smaller devices are manufactured for broader uses, solving critical issues related to thermal transfer are key to unlocking trapped performance and reliability. As a result, Carbice® Carbon will propel technology iterations at a greater pace than before as it solves this thermal issue.

Carbice® Carbon is the highest heat conducting material in the world, made up of a composite of recycled aluminum and aligned carbon nanotubes, a tiny filament that is only tens of atoms thick in diameter.  Carbice is setting the standard for thermal materials because of the aligned high-connectivity nano-structure at the core of Carbon® Carbice.

Carbice was founded by Dr. Bara Cola, a scientist and engineer, who holds one of the longest tenures in the field of carbon nanotubes working on and researching them since 1999 and winning multiple awards for his research and patented designs. He de-risked Carbice by building the company for scalability from day one, establishing the IP for manufacturing rather than just the product itself, which is the pitfall of many materials start-ups.

Using government grants and commissioning projects for the US Army, Air Force, and National Science Foundation has allowed Bara and his team to move through multiple generations and really understand the product in a low-cost environment. The manufacturing process has now had nearly a decade to mature, with batch processing of the product taking minutes to grow with a 90% uniform yield, putting Carbice in a very strong position to scale up with Downing Ventures investment.


Dr. Bara Cola comments: "Downing is the right fit for Carbice because of Warren. Like us, he is a fierce competitor with a friendly and honest approach, with great insight into how the future will be built. The whole Downing legacy and team are great too and they are very friendly and supportive to great entrepreneurial teams like ours."


Warren Rogers, Partner and Head of Ventures at Downing Ventures adds: “Not only is Bara one of the greatest technical minds out there, he is invested in how people and the world operate to make this planet a better place for everyone which is clear when you experience their company culture. Carbice® Carbon is nothing short of revolutionary and will completely disrupt thermal management in every industry. We look forward to being part of the journey with Bara and his team while building this transformative enterprise.”

Jim Adler, Founding Managing Director of Toyota AI Ventures, comments: “Thermal management is a critical electronics issue that has seen little disruptive innovation. Carbice® Carbon’s heat-conducting technology is a game-changer for applications in multiple industries. Bara is a proven leader with the ideal combination of vision, strategy, operations, and technical expertise to realise Carbice’s potential.”  

Carbice also announces two new hires of industry legends that join their team: Hal Laskey as Chief Operating Officer (COO), former Vice President of semiconductor sales for IBM and then Executive Vice President and Chief Sales Officer at STATS ChipPAC, where he held a long track record of winning numerous top supplier quality awards in the semiconductor industry, including Intel’s Preferred Quality Supplier Award. The second appointment is Bianca Cefalo, a barrier-breaking Rocket Scientist and Space Educator, who is the former thermal products leader at Airbus and joins the team as Director of International Business Development.




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Downing Ventures is an evergreen fund investing in seed to Series A companies, with the possibility of follow-on investments. We invest in a variety of technology sectors including Healthcare, Deep Tech, Industry 4.0/Mobility, FinTech and Enterprise. We have a portfolio of 71 companies as of September 2020. We work alongside a number of investment partners and accelerator programmes and incubators, including the London Co-Investment Fund.  



Downing Ventures is a division of Downing LLP, a London-based investment management firm. We help UK businesses grow by investing in them via our range of venture capital trusts (VCT), enterprise investment schemes (EIS), inheritance tax (IHT), individual savings account (ISA) and open-ended investment company (OEIC) products. So far, over 35,000 investors have been a part of what we do and we are proud to have raised over £1.7 billion into businesses across a range of sectors, from renewable energy, care homes, health clubs, and children's nurseries, to technology and sports nutrition.


Carbice Corporation produces multi-functional material solutions from Carbice® Carbon that set the standard for performance, reliability, and low-cost assembly within the world’s most important electronic, energy, and industrial products. Our industry-leading thermal interface products (TIPs) are easy to select and buy because our first-of-a-kind in-application predictive modeling allows our customers to know what to expect up front with confidence. We are based in Atlanta, Georgia USA with an office in London and one coming soon to Toulouse, France.