Nano-C, a developer of nanostructured carbon for energy and electronics applications, has completed a USD11.5 million round of funding, with a final tranche of USD3 million in the form of an equity investment from Ray Stata.
Stata is a co-founder and current chairman of Analog Devices, a designer and manufacturer of analog, mixed signal and DSP integrated circuits with over USD5 billion in revenue.
Nearly every industry today is looking to leverage new materials to drive the next wave of innovative products from electronics and solar power to medical devices, automotive and more. Building on technology conceived at MIT, Nano-C’s family of nanostructured carbon materials and chemicals – carbon nanotubes, spherical forms of carbon known as fullerenes and functionalised materials – are propelling this wave. Customers, working in partnership with Nano-C, have already incorporated these materials and are getting ready to launch exciting new products based on Nano-C’s unique materials.
“New materials are the key to unlocking future innovation in many markets because they possess qualities traditional materials cannot deliver,” says Ray Stata. “When you look at the markets and applications that Nano-C can impact, it’s easy to see the opportunity this company has for growth. I am delighted to be a part of their future.”
Viktor Vejins, President and CEO of Nano-C, went on to say: “All of our customers are positioned to become leaders in their industries because they can leverage the power of our material solutions, which are vital to their success. We are excited that Ray will join the Board as an Observer. We look forward to his advice and guidance as we continue to grow our business.”
Nano-C will use this new capital to expand its support to existing and future customers. The funds will also enable Nano-C to implement an initial increase in production and staffing at its Westwood, MA, factory to meet the growing demand for its materials.
“The growth of Nano-C’s applications portfolio has been nothing short of remarkable,” says Chris Cheever, co-founder of venture firm Fontinalis Partners. Cheever joined Nano-C’s board of directors after the firm invested USD3 million in 2012. “We are excited to see the acceleration in Nano-C’s commercial traction.”
