FPI Innovation Fund has attracted and arranged a co-investment of EUR10m into ANF Technology, the producer of NAFEN, the first ever superior-grade aluminium oxide nano fibre to be produced at commercially viable industrial volumes.
FPI typically invests directly at the earliest stage in a company’s development, when risks are higher but competition and required capital commitment are much lower.
In the case of ANF Technology, FPI has subsequently attracted sophisticated co-investors at a later stage when risks have been reduced, business strategy developed and the core team has been built.
This current third round of funding represents a commitment from the venture capital division of a major family office.
NAFEN is a breakthrough development in materials science. NAFEN’s physical and mechanical properties, available at large scale production volume with commercially viable pricing, provide industrial players with the potential to unlock innovation across a wide variety of applications, ranging from aviation to biomedicine.
Alexander Timofeev, managing partner at FPI, says: “To date, low nanomaterial production volumes and high prices have held back the wider application of nanotechnology at a mass scale. We are delighted to have identified and arranged this third round of investment, the largest to date, which is a strong commitment to support NAFEN’s widespread adoption across multiple industries.”
Tim Ferland, ANF Technology’s business development manager for North America, says: “FPI has attracted a committed pool of sophisticated investors into ANF Technology. This latest round is the clearest indication that investors are confident in ANF Technology’s scientific pedigree and business acumen. We expect the global profile of NAFEN to increase significantly as the testing of NAFEN samples develops into long-term commercial partnerships.”
FPI had previously led a EUR1m first seed investment round into ANF Technology in June 2010. In early 2012, ANF Technology received a second round investment of EUR0.5m, with two new co-investors participating.
FPI Innovation Fund is a seed and venture capital fund focused on transforming hi-tech scientific and intellectual property ideas into market-oriented and commercially effective business reality. The fund identifies projects in Russia as well as globally with the focus on Russian speaking scientists, engineers and entrepreneurs from the former Soviet Union, many of whom have emigrated but still maintain strong professional ties to their native countries.
