NanoMech Raises $12 Million to Fuel Growth And Nanomanufacturing Innovations
(Nanowerk News) NanoMech announced today that it has secured an additional $12 million in capital for its Series B Financing round, in order to continue growth and dominance as a global nanoscale manufacturer. The latest round of investors include Meadow Lane Investments, Hendricks Investment Holdings, Advantage Capital Partners and Spring Creek Investments. Today’s announcement represents significant strategic investment in NanoMech and its future by this group of preeminent, long-term investors.
Building on continued momentum, NanoMech will use the financing to expand its global reach, invest in additional sales and marketing resources, and increase investment in its nanotechnology platforms, nGlide, TuffTek, and nGuard. In order to take advantage of opportunities immediately available, the Company also has approximately 60 days to consider additional private placements of its stock in this round. The proceeds will be used to rapidly increase its sales and marketing infrastructure and activities, continue to expand and protect its intellectual property, and for working capital.
NanoMech is shipping novel nano-engineered products globally to Fortune 100 companies as well as to emerging companies who have chosen to innovate their way to the top by incorporating NanoMech’s nano-engineered solutions into disruptive and far more competitive products. NanoMech has brought revolutionary and transformative innovation to world leaders in energy manufacturing, exploration and service; auto, truck and marine manufacturing; Indy and NASCAR racing; agriculture and construction equipment manufacturers; refining and formulating lubrication manufacturers; aerospace manufacturing; textile manufacturers; and advanced military applications.
The Company is also finalizing the construction of its 25,000 square foot production expansion to triple the size of current operations which will serve as the Company’s world headquarters, with an anticipated completion date in October. While the new facility will connect to the existing building, the Company has purchased the adjacent 7.3-acre tract for future development providing the Company with the ability to expand on a contiguous 9 acre campus.
“NanoMech is a global nanomanufacturing company founded right here in Northwest Arkansas,” said NanoMech CEO Jim Phillips. “The additional capital proceeds are for the purpose of accelerating awareness and demand for our industry transformative nGlide and TuffTek products and expanding our physical presence in the energy manufacturing and transportation markets. Our sweep over the last year of the major top national new product awards including the R&D 100 Award, the Edison Award, and the SBIR Tibbetts Award, provide ample validation of NanoMech's prowess in inventing, productizing, and commercializing world class technology. During this timeframe, we also reached a critical milestone in having our core patents issued by the USPTO and several key international patent offices."
The issuance of these patents fortifies the Company’s position as a world leader in the lubricant additives and fully formulated lubricants industry, a $300 billion market that serves as the backbone to all industries that use machinery, including manufacturing, farming, gas and oil exploration, aerospace, racing, marine, national defense and transportation. Additionally, winning these patents increases the Company’s intellectual property in providing the most wear resistant cutting tools and wear parts in the global $25 billion cutting tool industry.
Dr. Ajay Malshe, CTO and Founder added, "Our new nanofactory and expanded headquarters will also allow us to meet current demand for our products while advancing ongoing research and development efforts. The state-of-the-art, smart manufacturing facility and laboratories will further position our products and scientists as some of the best and most innovative in the world. This advanced facility will allow us to accelerate the development and commercialization of innovative products that people have only dreamed of before.”