FREDERICTON – SCHOTT AG, a 130-year-old German technology company focusing on specialty glass and glass-ceramics, led a $3.1 million funding round for Smart Skin Technologies, it was announced Thursday.
Fabian Stöcker, Vice President Global Strategy & Innovation at SCHOTT Pharmaceutical Systems, was also appointed to Smart Skin’s Board of Directors.
“This is an exciting period of growth for Smart Skin. The funding will support the company’s platform development and market expansion, both geographically and in industry diversification,” Smart Skin CEO Evan Justason said in a press release.
“The addition of Mr. Stöcker to the board of directors perfectly aligns with Smart Skin’s evolution and his industry expertise will be invaluable.”
SCHOTT is one of the world’s key suppliers of parenteral packaging for the pharmaceutical industry. Its more than 600 production lines in 13 countries manufacture over 10 billion syringes, vials, ampoules, cartridges and special articles of tubing glass or polymer.
Smart Skin Technologies began in 2008, winning the University of New Brunswick’s Business Plan Competition and first place for innovation at the Atlantic Engineering Competition. It makes pressure-sensing container devices and analytics used by global brands in beverage, food production and pharmaceutical industries.
The company developed a proprietary smart sensor technology to work with artificial intelligence and machine learning solutions.
Its Quantifeel line monitoring system observes and analyzes the dynamic effect of forces exerted on containers in real-time and allows clients to understand the effect that operational parameters are having on-line performance. This improves efficiency, reduces waste and minimizes downtime. The company also won the World Beverage Innovation Award in the category “Best manufacturing or processing innovation” for this system.
The New Brunswick Innovation Foundation, an existing investor in Smart Skin, also took part in the financing.