Applied NanoWorks Secures $2.0 Million To Expand Nano-Materials Manufacturing
"We have a capital and energy efficient manufacturing process that produces nano-scale particles that are tunable to meet a wide range of market needs," stated Eric Burnett, President and CEO of Applied NanoWorks, "and we deliver the materials in forms that are easily integrated into product manufacturing processes, positioning Applied NanoWorks as a competitively superior solution for manufacturers."
The company's manufacturing technology controls materials at the molecular level enabling the tuning of particle size and the delivery of well suspended particles. The engineered materials provide properties including luminescence for lighting applications, UV blocking for building materials and electronics, and the required hardness and size for fine abrasive applications in the semiconductor manufacturing industry.
"Applied NanoWorks has immediate market opportunity in both the coatings additives and chemical-mechanical planarization (CMP) markets," said John Cococcia, Principal with FA Technology Ventures, "the Company's products deliver smaller particle size and more uniform distribution, resulting in increased hardness, better UV protection and significantly increased polishing performance to a developing world wide market of over $1 billion."
The funding was co-led by FA Technology Ventures, an Albany, NY investment company that provides growth capital to early and expansion stage technology companies, and High Peaks Venture Partners, a Troy, NY venture capital firm that invests in early stage New York State technology companies. Co-investors in the funding were Fresh Tracks Capital, a Vermont based venture capital firm that invests in early stage private companies in Vermont and northern NY, and an industry based angel investor.
"Applied NanoWorks is an early stage New York State nanotechnology company with a proven, scalable production technology," Russell W. Howard, Managing Director of High Peaks Venture Partners, stated, "it also has a very attractive business model and an experienced management team, two key factors we look for in a strong growth company."
The investment included $883,000 from the New York State Common Retirement Fund. The New York Common Retirement Fund (CRF) is a large investor in both High Peaks Venture Partners and FA Technology Ventures.
"Nanotech is the kind of cutting edge technology that is of growing importance to New York's economy. A diverse mix of businesses from high-tech to traditional manufacturing is critical for a vibrant and growing economy here in New York," New York State Comptroller Alan G. Hevesi said. "That's why it is so important for us to invest in early-stage companies such as Applied NanoWorks that are expanding quickly and creating the types of specialized jobs that are increasingly in demand around the world. At the same time, I anticipate a positive return for the State pension fund."
Applied NanoWorks has exclusive world-wide licenses for two fabrication technologies from Rensselaer Polytechnic Institute and has three technology patents pending.
SOURCE: Applied NanoWorks, Inc.