Milvus Advanced, based in Oxford, has raised £5 million in seed funding to make materials that can replace rare metals using more common elements. The round was led by Hoxton Ventures with support from LQD Ventures, Übermorgen, Tuesday Capital, Mark Leslie Enterprises, van Den Bosch Dynasty Fund, Bluebirds, Md One, EQT Foundation, and returning investor Lowercarbon Capital.
Milvus has developed new nanoalloy materials that have been independently tested and shown to perform well and last longer than expected. The company plans to use the funding to expand work across clean energy, transport, electronics, and chemical manufacturing - sectors that rely on metals which are often expensive and hard to source.
By using earth-abundant elements, Milvus aims to make materials that act like platinum group metals without the cost or supply chain risks. Its work focuses on electrochemical and optoelectronic uses where performance and reliability are key.
Milvus sells its materials directly to other companies and plans to increase production, hire more staff, and set up operations in the United States. Its materials are already being tested by electrolyser and chemical manufacturing partners.
