What is Composite Research all about?
“It is a Turin-based company,” explains the project manager, “focusing on researching innovative applications for composite materials. CoRe is an innovative SME founded in 2015 by two PhDs from the University of Turin, supported by Luigi Costa, ex professor of Industrial Chemistry. Together they created their first product, the MadFlex Patch, which currently represents their top of the line.”
What are its features?
“MadFlex is made of carbon fiber, a foam panel and resin binder. These components give the material durability and flexibility, making it highly performant. In particular, the MadFlex Patch looks like a patch that is flexible on the one hand, and immovable on the other, resistant to impact and high pressure, and even bulletproof.”
What are the applications of the material?
“Its potential is virtually limitless,” Edoardo specifies, “but the first field of application was pipelines. Three years ago, CoRe presented a PoC, which it later won, to Italgas, and today it is the national supplier for the repair of gas leaks both Italgas and other players in the gas network sector, also starting to operate abroad. The Madfex Patch is a cheaper, simpler, more effective and longer-lasting solution compared to the current pipeline repair techniques. We have also currently launched an initial PoC for water leak repair in collaboration with A2A, one of Europe’s largest water distribution players. In addition to pipelines, MadFlex can be used in the defense sector to coat armored vehicles, in the automotive sector, or even in the aviation, aerospace, and healthcare sectors. In the latter field, Composite Research has worked with Progetti Medical – a defibrillator manufacturer based in Canavese – to develop a support system that prevents rib fractures during cardiac massage.”
Describe the strengths of the start-up.
“The CoRe team had already pitched to LIFTT three years ago. They didn’t get the funding then, but they still managed to meet the business and financial plan they presented to us, and they came back to us with positive revenue, which is very significant. In addition, the team is made up of young people who, although they have no experience as entrepreneurs, have been open to discussion and advice from more experienced entrepreneurs right from the start. Regarding their products, MadFlex, which has a 60-year durability certificate, has proven its effectiveness and functionality in a market that is characterized by a very strong need and is therefore very receptive and with a significant spending capacity. Another advantage is that CoRe was able to obtain several patents, precisely because of the material’s multiple fields of application. Given all these elements, and the fact that the company had already been analyzed, LIFTT had no reason not to believe in the investment.”
What is the composition of the team?
“As of today, the company has a team of 9 people, including the two co-founders Eugenio Fossat – CEO – and Nicola Giulietti – C.T.O. The support from LIFTT is aimed at creating new jobs and increasing the company’s capacity, based on a hiring plan to have 15 to 20 people in the budget.”
What are the characteristics of the round LIFTT took part in?
“A €1 million round fully funded by LIFTT closed on May 30. The Cap Table includes partners that can be traced back to earlier stages: Cesare Mangone, CEO and president of Progetti Medical S.r.l.; Luigi Costa, former Professor of Industrial Chemistry and Polymeric Materials at the University of Turin; and Alberto Emprin, General Partner of 3LB Seed Capital.”
What are the next steps?
“All attention is now focused on the development plan and the implementation of the industrial project. In addition to the construction of a factory in Moncalieri, CoRe will take over the research laboratory of Sigit S.p.A., a manufacturer of automotive components and household appliances that had incubated them. Other measures include the expansion of the sales network in Italy and abroad with the aim of being listed on the stock exchange.
