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Posted: Apr 18, 2011
GMZ Energy Grabs $7M as Part of First Funding Round
(Nanowerk News) GMZ Energy Inc., a maker of thermoelectric materials based on nanotechnology developed at MIT, has raised $7 million from a planned $13 million investment round, the first institutional round for the company.
While the three backers in the round were not identified in the filing with the U.S. Securities and Exchange Commission, GMZ Energy has been backed with seed capital by West Coast venture capital giant Kleiner Perkins Caulfield & Byers. One of the co-founders is former CEO Mike Clary, who had been an entrepreneur-in-residence at Kleiner Perkins. Clary was replaced in the CEO role by former Continuum Photonics Inc. co-founder Aaron Bent in April 2009, although he still holds a board seat.
In addition to Clary, GMZ Energy was founded in 2007 by MIT professor and researcher Gang Chen and Zhifeng Ren, a professor of physics at Boston College. The company's technology is based on Chen's work. All of the co-founders are listed in the filing as Related Persons, in addition to Takahide Koda, a principal at San Francisco-based Mitsui & Co. Venture Partners Inc., and Issam Dairanieh, who is the director of U.S. venture activities for BP Alternative Energy.
GMZ Energy uses it nanotechnology to produce thermoelectric material that turn waste heat into electrical power using an environmentally friendly alloy. The material optimizes cooling in refrigerators and air conditioners, generates power from heat sources such as automotive exhaust systems, and enables electricity generation from renewable sources, according to company statements.