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Posted: Sep 26, 2011
Pixelligent Closes $5.1 Million in Funding
(Nanowerk News) Pixelligent, LLC, an innovator in manufacturing nanocrystal additives for the electronics, industrial and military markets, announced today that it has closed $5.1 million in funding. The round was six times over-subscribed and the board significantly upsized the round to make room for the increased demand.
This round included participation from both new and existing investors. The new investors include the Abell Foundation, WISE LLC, and a Baltimore-based Angel group. An additional $300,000 came from the Baltimore Development Corporation (BDC) and the Maryland Department of Business and Economic Development (DBED), $200,000 and $100,000 respectively. The funds will be used for purchasing production equipment, installing new systems and hiring employees.
"The Abell Foundation is committed to supporting Baltimore-based high-tech companies that are creating jobs and developing technology that will benefit society at large," commented Robert Embry, President of the Abell Foundation. "From what we have seen, Pixelligent has demonstrated tremendous progress during the past 24 months and is well positioned for continued growth in the coming years."
"We are proud to support a nanotechnology company that is developing cutting-edge solutions that solve critical challenges in the electronics, industrial, and lubricants fields," commented Lisa Gordon-Hagerty of WISE LLC. "We see tremendous long-term potential for Pixelligent and are thrilled to be involved in this phase of the company's development."
The funding round comes on the heels of Pixelligent moving into a new 10,500 sq. ft. state-of-the-art pilot manufacturing facility in Baltimore, MD. The new facility will meet Pixelligent's current production needs, but also offers plenty of room for expansion as the company continues to grow. Pixelligent is actively recruiting for a number of senior manufacturing, sales, and finance roles and a grand opening ceremony is scheduled for early fall.
"The closing of this round marks a major turning point for Pixelligent as these funds will enable us to significantly increase our manufacturing capacity to both meet current customer demand and accelerate the introduction of our NanoAdditives to a broader market," commented Craig Bandies, CEO Pixelligent Technologies. "We continue to attract world-class investors that believe in our business model and have been impressed by our proven ability to execute on our plan. We are grateful for all of their confidence and support."
Pixelligent has raised nearly $9M in equity and has been awarded more than $9M in Government grant programs during the past 30 months. The Pixelligent nanocrystal additive technology has commercialization potential in many market areas including, electronics, lubricants, energy, transportation, and building and construction.
About Pixelligent Technologies, LLC '
Pixelligent Technologies is a leading supplier of nanocrystal additives for the electronics, industrial and military markets. After over a decade of research development, Pixelligent is the first company to supply commercially available quantities of the highest quality Zirconium and Hafnium nanocrystals for numerous mission critical applications. (www.pixelligent.com)