Meissner raises $2.6M to build a “discovery engine” for superconductors
What's the deal? Toronto-based deep tech startup MeissnerDealroom has a profile for this one. Try Dealroom → has raised $2.6 million USD ($3.6 million CAD) in pre-seed financing to develop the next generation of superconducting materials. The company is building what it calls "the discovery engine" for superconductors, combining machine learning, computation, and experimental validation.
What's the endgame? Superconductors carry electricity without resistance or energy loss, and already power MRI machines and magnetic-levitation trains. Meissner wants to develop and sell optimized superconductors that operate at significantly higher temperatures for specialized uses.
Why now? Existing superconductors are costly to deploy, often requiring expensive cooling and prone to hotspots that can melt system components. Founder and chief executive officer Olivia Leng, a University of Toronto materials science student who paused her studies, formed Meissner 12 months ago and plans to start lab-testing its top candidates at the University of Waterloo this month.
Who's backing it? The round includes BDC Capital's Thrive Venture Fund and Canadian tech angels Andrew Talpash, Anthony LacaveraDealroom has a profile for this one. Try Dealroom →, Christian Weedbrook, Daniel DebowDealroom has a profile for this one. Try Dealroom →, Dennis BennieDealroom has a profile for this one. Try Dealroom →, Eliot Pence, Greg Twinney, and MichaelDealroom has a profile for this one. Try Dealroom → and RichardDealroom has a profile for this one. Try Dealroom → Hyatt. Many previously backed Toronto quantum computer maker Xanadu, which Weedbrook founded and leads.
"These are names that I've looked up to for many, many years … so it's kind of surreal to have them actually on my cap table," Leng said.
The signal: Investors are treating superconductors as infrastructure for quantum computing and fusion power. Michael Hyatt, an early Xanadu backer, called Meissner "a derivative bet on quantum." As Leng put it, superconductors are "definitely the picks and shovels to unlocking high-growth, high-tech industries."
Read more: betakit.com
Image credit: Generated with Gemini
