Mussel Polymers is the creator of a new class of biomimetic polymers inspired by mussel adhesives that enable underwater coatings and adhesives; its underwater adhesive solution is in final testing with the US Navy which has supported its development with over $10mm. MPI’s core molecule, Poly (catechol-styrene)(PCS), binds rapidly in wet environments — including underwater and within the body — and enables breakthrough applications in regenerative medicine, industrial coatings, next-gen defense systems, and several other non-military applications.
The company has garnered strong backing and investment interest from NW Angel Fund, SoftBank, and the Ben Franklin Technology Partners of Northeast Pennsylvania (BFTP), reflecting growing confidence in its vision and potential. SoftBank is a Japanese multinational investment holding company focused on technology; this will be the BFTP’s fourth investment in MPI (totaling over $1.25M).
Growth Momentum: MPI is poised for growth, with more than 40 companies and projects in its pipeline at various stages of development, including dental coatings, biomedical adhesives, carbon fiber bonding, anti-fungal coatings, eyelash adhesives, and Li-ion battery applications. In summer 2024, MPI received a $1.8 million Phase 1 contract from the U.S. Department of Defense to complete front-end engineering design for its first commercial pilot plant and conduct a market demand study. MPI successfully completed Phase 1 in February 2025 and is on track to receive a Phase 2 contract to build the plant, with a projected capital expenditure (Capex) budget of $40 million.
MPI generated $1.6 million in revenue in 2024, marking a 500% increase over 2023’s revenue of $248,000. The company projects $5.5 million in revenue for 2025, driven by growing demand across its commercial and government pipelines. Looking ahead, management expects contracted customers to purchase $30 million of MPI products in 2026, supported by strong gross margins and significant production scaling. MPI is currently selling SeaTak™ (an underwater construction adhesive) and plans to launch two additional products in 2026, a dental coating to treat tooth sensitivity and an eyelash adhesive.
MPI has a robust intellectual property portfolio in place - 6 issued patents, and 10 pending - and exclusively licenses the IP for PCS from Purdue University
Team: MPI has a deeply technical team building a genuinely transformational company. With its focus on specialty polymers, lightweight materials, and biotechnology, MPI represents a high-growth tech company with an experienced management team, strong IP, and platform potential.
Series A offering: Priced at $5/share; company valuation: $50M. This offering features a liquidation preference over the common shares, a seat on the Board of Directors, and pre-approval of any significant debt that MPI pursues. First close is set for December 15.
Use of Funds: Growth and operating capital to scale up MPI’s commercialization of the catechol compounds across several lines of business, complete the DoD plant design, and continue with its technology development.
Department of Defense Contract
The MPI and DoD contract discussions to supply marine coatings and adhesives to the US Navy advanced significantly over the last 2 months. MPI completed one contract for the initial plant design, which would produce $40 million of product annually for the US military. The DoD and MPI have been developing a contract that includes product development and manufacturing scaling, expected to be valued at $10-$15 million over the next 18 months. It is expected to be awarded soon after the government shutdown ends. MPI is working closely with the contracting officers to provide a detailed work plan to be added to the existing contract.
After this DoD contract is finalized, MPI management expects to close the first tranche of the Series A. Management intends to reprice the stock to reflect an increased value; they expect to offer a Series A2 with the same terms and conditions as the Series A, but at a revised, higher price and valuation.
In summary, if you are interested in MPI, the first tranche of the Series A at the current $50M valuation may be a timely opportunity. For more details, connect with boyajian@musselpolymers.com.
