Inhibit Coatings

PVL Investment Details:

• PVL initially invested several years ago and owns ~17.5% of the company, worth around A$670K
• This is another materials company, but with a more specialised application than Cirrus (thus Cirrus has a much larger TAM opportunity)

Progress to Date:

• They are starting to get "paid to play" style engagements but are less progressed than Cirrus.
• They are dealing with substantial players in the industry.
• I think they are largely through the valley of death stage.

Future/Outlook:

• It would be reasonable to assume Inhibit would be looking to do a Series A this year following their (Seed) Venture Round in July 2021 where shareholders might see a valuation uplift
• I'm feeling fairly confident about the prospects of this company.
• I'd like to see a Series A take them to a $10m+ valuation (from ~$4m currently) based on an estimate that their TAM/rev opportunity is around 30% the size of Cirrus
• It is interesting to note that they have just added two new board members, "to drive the next phase of growth for the company". One of these has a strong angel investing network, which again, to me, hints at a possible new round. Let's see.

News update:
Inhibit Announces Board UpdateApril 12, 2023. Inhibit Coatings is pleased to announce the appointment of Nina Le Lievre and Dr Peter Lee as new directors to drive the next phase of growth for the company.Nina brings to Inhibit Coatings 10 years of experience working with high growth startups and investors through Enterprise Angels, where she is currently CEO.Peter brings with him 30 years of commercial experience in senior roles in US businesses including 15 years as VP of R&D at International Paper Company and eight years as CEO of UniServices.We’re excited to have Peter and Nina on board and are already seeing the impact of their skillsets and enthusiasm.This comes as Tijs Robinson steps down from his Inhibit duties to fully focus on the exciting things happening at Hot Lime Labs. We would like to thank Tijs for the impact and value he added during his time with Inhibit and wish him and Hot Lime Labs the greatest success moving forward.

Link: https://inhibitcoatings.com/news-events/