About COnovate
COnovate is a company based in Milwaukee (United States) founded in 2016 by Carol Hirschmugl and Joep Coenen. COnovate has raised $3.53 million across 7 funding rounds from investors including SBIR Advance, OSTI.GOV and Tundra Angels. The company has 6 employees. COnovate offers products and services including eCOphite. COnovate operates in a competitive market with competitors including Jacobi Carbons, Cancrie, CarbonX, Birla Carbon and UP Catalyst, among others.
- Headquarter Milwaukee, United States
- Employees 6
- Founders Carol Hirschmugl, Joep Coenen
- SectorsChemicals & Materials
- Website conovateinc.com
- Social LinkedIn
- Legal Name Conovate, Inc.
- Total Equity Funding$3.53M (USD)
in 7 rounds
- Latest Funding Round$2.53M (USD), Series A
Dec 2024
- InvestorsSBIR Advance
& 5 more
- Employee Count6
Products & Services of COnovate
COnovate offers a comprehensive portfolio of products and services, including eCOphite.
Advanced nanomaterial for faster charging and higher capacity in lithium-ion batteries.
Funding Insights of COnovate
COnovate has successfully raised a total of $3.53M across 7 strategic funding rounds. The most recent funding activity was a Series A round of $2.53 million completed in December 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $3.53M
- Total Rounds 7
- Last Round Series A — $2.53M
- First Round $1.2M
(Jul 2018)
- Investors Count 6
All 7 funding rounds of COnovate with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Dec 2024 | $2.53M | Series A | – | – | – |
| Dec 2022 | – | Grant | – | – | |
| Jul 2022 | $181,500 | Grant | – | – | |
| Mar 2022 | $1M | Seed | – | – | |
| Feb 2019 | $225,000 | Grant | – | – | |
| Jan 2019 | – | Grant | – | – | |
| Jul 2018 | $1.2M | Grant | – | – |
6 investors in total: 5 institutional and 1 angel.
Investors in COnovate
COnovate has secured backing from 6 investors, including institutional, venture fund, and angel investors. Prominent investors backing the company include SBIR Advance, OSTI.GOV and Tundra Angels.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
An angel investor network focused on high-growth startups is operated. | – | tundraangels.com | - | |
Investment capital and advice are provided to early-stage companies. | – | milwaukeevp.com | Milwaukee, United States | |
Scientific and technical information is managed and disseminated by OSTI.GOV. | – | osti.gov | Oak Ridge, United States | |
A government-backed foundation providing seed-stage investments to support small businesses. | 1950 | nsf.gov | Arlington, United States | |
JA Jennifer Abele | Angel investor focusing on Indian startups, experienced in tech and innovation. | – | unknown_d321299d6d2d490db | - |
- | – | sbiradvance.tcc.mode | - |
Investor details for COnovate
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
People of COnovate
2 people are tracked at COnovate (2 in leadership); the tracked headcount is 6.
| Name | Role | Group |
|---|---|---|
Carol Hirschmugl | Co-Founder & CEO | Leadership |
Joep Coenen | Co-Founder & Owner | Leadership |
Complete people profiles for COnovate
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Timeline of COnovate
3 dated milestones of COnovate across 8 years, from founding to its latest funding, stage changes and deals.
- Founded COnovate is founded.
- Funding First funding round of $1.2M.
- Funding Latest funding round, Series A, of $2.5M.
Competitors of COnovate
COnovate operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Jacobi Carbons, Cancrie, CarbonX, Birla Carbon and UP Catalyst, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| jacobi.net | 1916 | Kalmar, Sweden | – | 377 | High-quality activated carbons are manufactured from coconut shells. | |
| cancrie.co | 2020 | Jaipur, India | $1.32M | – | Nanocarbon materials for energy storage solutions are developed. | |
| carbonx.nl | 2014 | Amsterdam, Netherlands | $20.19M | – | Nanosized carbon structures are manufactured from filament-based networks. | |
| birlacarbon.com | 1988 | Mumbai, India | – | 504 | Manufacturer of carbon black additives | |
| upcatalyst.com | 2019 | Tallinn, Estonia | $7.5M | 37 | Carbon nanomaterials are sourced from waste biomass for production. | |
| orioncarbons.com | 2011 | Niederanven, Luxembourg | – | 308 | Producer and suppliers of carbon black | |
| epsiloncarbon.com | 2010 | Mumbai, India | – | 623 | Manufacturer of reinforcing grades and tread grades of hard carbon black and coal tar derivatives | |
| 5eadvancedmaterials.com | 2016 | Hesperia, United States | – | 43 | Provider of advanced decarbonization materials | |
| bygen.com.au | 2017 | Adelaide, Australia | $2.6M | – | Producers of activated carbon |
Detailed competitors of COnovate
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
Verified entity values are shown only after access is granted.
Web traffic of COnovate
The website of COnovate (conovateinc.com) receives about 1.3K visits a month.
- Monthly visits1.3K
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Frequently Asked Questions about COnovate
COnovate was founded in 2016 and raised its 1st funding round 2 years after it was founded.
COnovate is headquartered in Milwaukee, United States. It is registered at Milwaukee, Wisconsin, United States.
Carol Hirschmugl is the current CEO of COnovate. They have also founded this company.
COnovate is a funded company, having raised a total of $3.53M across 7 funding rounds to date. The company's 1st funding round was a Grant of $1.2M, raised on Jul 2018.
COnovate has 6 employees.
Founded in 2016 in Milwaukee, United States, carbon-based nanostructure products and equipment are developed by COnovate within the advanced materials sector. A platform is provided to enable drop-in solutions for accelerated charging in lithium-ion batteries. The COphite material is presently being scaled for integration into battery anodes, supporting enhancements in energy storage technology. Operations center on material innovation for industrial applications.
COnovate's top competitors include Cancrie, UP Catalyst and Jacobi Carbons.
COnovate offers eCOphite.
COnovate has 6 investors. Key investors include SBIR Advance, OSTI.GOV, Tundra Angels, Milwaukee Venture Partners, and Jennifer Abele.
COnovate operates through Conovate, Inc..