ONAMI gap fund company Abom closes $8.6M round
September 12th, 2016
Abom, a maker of high-end anti-fogging ski goggles, has closed out its first major round of funding at $8.6 million.
The startup, based in Tigard, Oregon, has been slowly raising the round for the past two years and will use the capital to further its product development and ramp up sales, said chief financial officer Don Megrath.
The company, which was founded in 2014, has only recently started talking about its products which are into their second season on the market.
Abom makes goggles for skiing and snowboarding that include a heat conductive film between two lens. A battery sends a current through the film resulting in a lens that remains fog-free, according to the company’s specs.
The funding comes from more than 70 angel investors from across the country and internationally, Megrath said. Keiretsu Forum and the group Chemical Angels, which consists of investors out of the materials sciences industry, and Sierra Angels were also involved.
Abom was born from an idea by company president David McCulloch, an avid skier who was stymied one ski trip at Mt. Hood Meadows by overly foggy goggles.
“He got back to his car and turned on the defrost for the back window and thought, ‘Why can’t we do it with ski goggles?’” Megrath said.
McCulloch eventually teamed up with inventor, and now company CEO, Jack Cornelius, to make such a product.
The company has 12 patents and 36 pending patents around its technology.
Its first market was been the skiing industry but the technology has applications elsewhere in the industrial safety and military and tactical markets.
Source: Adapted from Portland Business Journal, September 9, 2016.
Read here about the ONAMI-funded project in which collaborators Abom and the Oregon State University's College of Engineering work to develop state-of-art visibly transparent nanocoatings.