Michigan Capital Advisors entered into a joint investment in Fusion Coolant Systems Inc. with Boston-based venture capitalist Material Impact Management LLC for an undisclosed sum.

Fusion Coolant is a patented-technology company that uses supercritical carbon dioxide as a cutting lubricant in metal machining to reduce the costs of manufacturing and improve operational throughput in the medical, aerospace and automotive sectors.

The growth equity investment was welcomed by existing investors, including Michigan Investment in New Technology Startups, Amherst Fund LLC and Invest Michigan, and will be used to accelerate Fusion Coolant's growth and to pursue new opportunities.

The Michigan-based private equity firm invests in underserved Tier II and III suppliers in automotive- and transportation-related industries generating revenues between $20 million and $200 million.