Business model of Milvus

Category	Details
How Milvus Started	Founded in December 2020 as an Oxford University spinout by Dr. Assia Kasdi (PhD Materials Science). Emerged from pioneering research on earth-abundant nanomaterials that replicate platinum behavior. Received initial support from Oxford University Innovation, Innovate UK grants (£600k), and early investment of approximately £1 million.
Present Condition	Currently employs 11 team members in Oxford headquarters. Successfully raised $6.9 million seed funding (2025) led by Hoxton Ventures with participation from Lowercarbon Capital, LQD Ventures, and others. Total funding raised: $9.46 million. Testing materials with global electrolyser manufacturers and chemical producers. First commercial nanocatalysts launching in 2026. Operating from advanced laboratory facilities in Oxford.
Future of Milvus & Industry	Expanding into U.S. market with manufacturing facilities. Targeting billion-dollar markets in hydrogen production, batteries, semiconductors, and solar panels. Industry context: Global rare earth metals market valued at $5.1-8.1 billion (2024), projected to reach $7.4-17 billion by 2030-2032 (CAGR 6-12%). Clean energy transition creating unprecedented demand for metal alternatives. Milvus positioned to capture significant market share as industries shift from scarce platinum group metals to sustainable alternatives.
Opportunities for Young Entrepreneurs	Materials science innovation addressing climate crisis offers massive entrepreneurial potential. Critical mineral supply chains represent $5+ billion opportunity in clean energy, electronics, and automotive sectors. Venture capital actively funding deep-tech solutions (evident from Milvus’s investor roster). Opportunities exist in: nanoalloy development, rare earth recycling, alternative catalyst systems, battery material innovation, and sustainable manufacturing processes. Government funding increasingly available (U.S. DOE allocated $1 billion for critical mineral initiatives in 2025).
Market Share of Milvus	Milvus operates in niche nanomaterial alternatives market (pre-revenue startup). Specific market share undisclosed as company remains in commercialization phase. Competing in platinum group metals substitution market worth billions. Primary competitors include traditional rare earth miners (Lynas, MP Materials) and emerging material innovators, though Milvus’s nanoalloy approach represents unique technological differentiation. Company positioned as first-mover in engineered abundant-metal alternatives.
MOAT (Competitive Advantage)	Proprietary nanoalloy technology: Unique ability to engineer earth-abundant metals (copper, nickel, iron) to replicate rare metal properties at molecular level. Oxford research pedigree: Deep academic foundation providing continuous innovation pipeline. Cost advantage: Products priced at one-tenth of platinum group metals while maintaining superior performance. Supply chain independence: Eliminates geopolitical risk by using abundant local materials. Validated performance: Independent testing confirms materials match or exceed traditional rare metals in electrochemical applications. IP portfolio: University spinout with protected intellectual property from years of research.
How Milvus Makes Money	B2B materials supplier model: Sells engineered nanomaterials and membranes directly to manufacturers in clean energy, chemicals, electronics, and automotive sectors. Target customers: Electrolyser manufacturers (hydrogen production), chemical producers (catalysts), battery manufacturers, semiconductor companies, and solar technology firms. Revenue streams: Product sales of nanoalloys, membranes, and catalyst materials. Pricing strategy: Undercuts precious metal prices by orders of magnitude while delivering superior performance and durability. Future model: Scaling production to industrial volumes with commercial partnerships converting to recurring revenue relationships. First commercial products launching 2026.