- Date 16 Jul 2020
Element Materials Technology (Element), a global leader in materials and product qualification testing, has announced that it has made a strategic investment in Plastometrex, a Cambridge-based technology start-up, which develops technical and software-led solutions for testing in material science.
Founded in 2018 by a team of expert material scientists (all formerly of Cambridge University), Plastometrex is pioneering alternative techniques to conventional mechanical testing methods that utilise advanced numerical modelling, optimisation algorithms and machine learning to accurately predict plasticity, residual stresses and creep parameters from indentation test data. The software-driven approach complements traditional destructive testing methods, providing faster, highly automated and more cost-effective supply chain assurance across a range of end markets.
Element’s investment gives it access to cutting-edge testing capability, which will be attractive to its global customer network as well as supporting increased operational efficiency. Plastometrex will be able to further refine their technology using Element’s network of technical experts, capability and extensive bank of testing data, with the knowledge that they can now reach a far wider market. With some of the foremost experts in indentation plastometry, Plastometrex’s thought leadership in materials science will further enhance the deep technical expertise that underpins Element’s service offering.
Jo Wetz, CEO at Element, commented: “Innovation is central to the next stage of Element’s journey and we have established a $10m “Element Innovates” fund to make a number of technology-led investments, both internally and externally. Plastometrex is the first of these strategic partnerships. With technical leadership in materials science at the heart of our business, we are excited to be supporting further development of this disruptive technology through our investment in Plastometrex. We look forward to introducing the solution to our customers and helping James and the team rapidly develop new applications.”
Dr James Dean, co-founder and CEO of Plastometrex, added: “We are a young business and partnering with Element will allow us to rapidly accelerate our development. Access to Element’s global customer network and their long-standing expertise in traditional materials testing will help us to build out our technical platform and refine our offering to customers, in readiness to go to market. We look forward to working closely with the Element team and some of their customers.”