Founded in Cambridge in 2020 (trading as Materials Nexus), Matnex has built an AI-driven materials discovery platform that combines machine learning with quantum mechanical simulation to design new, more sustainable materials many times faster than traditional lab-based research. The company has used its platform to discover a rare-earth-free permanent magnet for electric vehicle motors, reducing reliance on scarce and geopolitically sensitive rare-earth elements.
Matnex raised a £2M seed round in 2023 led by Ada Ventures, with participation from Cambridge Enterprise Ventures and MD One Ventures, and has secured over £10M in total funding to scale its discovery platform.
