Spintech Secures Over $4M in Series B Funding

Posted by Mike McCann on March 18, 2024

Spintech Holdings, an Entrepreneurs’ Center (EC) client, recently announced a Series B funding round. Initially targeting $3M, the final tally finished in excess of $4M due to excess demand from investors. The funding will fuel continued growth for the company, meeting the growing demand for Department of Defense tooling and product lines. Further, the company will expand capabilities in dual-use applications of its proprietary technology. These dual-use efforts will be significantly accelerated thanks to participation in the funding round from Worthington Ventures, the venture arm of Worthington Enterprises, and McKenna & Associates, LLC.

Spintech has been an EC client since 2018, when it spun out of Cornerstone Research Group. Since partnering with EC, Spintech has accessed a wide range of resources that have evolved as the company has grown.

“Entrepreneurs’ Center has been a critical partner and resource for Spintech,” said Craig Jennings, founder and CEO of Spintech. “Their guidance, connections, and resources have helped our product and market development efforts progress farther and faster.”

With guidance from expert entrepreneurs-in-residence, Spintech benefits from strategic advice, industry connects, and access to resources such as marketing strategy, website development, legal counsel, investor connections, and more.  

“Spintech is an example of a great business that is making a huge impact in multiple markets, getting support from all corners of the community,” said Scott Koorndyk, President at EC. “In addition to EC’s support, Spintech has accessed statewide programs like JobsOhio’s Growth Capital Fund, and local incentives thanks to tremendous support from the Dayton Development Coalition. Thanks to this 360-degree support, we’re able to not only see a company like Spintech start here, but stay here and grow here.”

Spintech’s Series B financing is an example of how entrepreneurs access EC’s strong connectivity with capital networks. While advising throughout Spintech’s Series B financing, EC’s team found alignment with Worthington Ventures. Worthington’s investment is a validating nod to the quality of Spintech’s technology and business, and demonstrates the high potential for private industry applications of its technology originally developed for Department of Defense applications.

“We are excited to see Spintech accelerate its growth in the years to come,” says Koorndyk.  “Craig and the Spintech team are shining examples of how to build a strong company, and how to connect into all the resources the Dayton region can offer as you grow.”

About Spintech Holdings

Spintech’s Smart Tooling solutions enable composite manufacturers to fabricate complex and trapped geometry composite parts with improved quality, reduced cost, and faster throughput. In other words, to make composites “Better, Cheaper, Faster!” Spintech’s patented shape memory polymer technology and methods to use the technology to make composite parts combine for game changing solutions that are being embraced by blue chip customers through-out the Aerospace and Defense industry.

About Entrepreneurs’ Center

The Entrepreneurs’ Center (EC) drives economic growth and prosperity by championing entrepreneurship. With a mission to empower innovators, the EC annually collaborates with over 1,000 entrepreneurs, catalyzing the creation of businesses, job opportunities, revenue streams, and investments. Offering a suite of professional services, including business planning, mentoring, training, networking, commercialization, and capital investment, the EC serves as a beacon for both main street and technology enterprises. Anchored by a dedicated team of advisors, entrepreneurs-in-residence, and staff, the EC orchestrates world-class business acceleration programs in collaboration with corporations, academic institutions, and government entities, including the U.S. Department of Defense, from its headquarters at The Hub Powered by PNC Bank within the historic Dayton Arcade

Want to learn more about how to become an EC client? Connect with us.

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