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Posted: Nov 30, 2011
NanoPhotonica Receives Funding Through New Seed Capital Accelerator Program
(Nanowerk News) The Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with NanoPhotonica, an early-stage Orlando-based company that develops nanomaterials for next generation video displays, solar cells, and a range of other photoelectric devices. The Institute works with Florida's research universities and institutions to support new company and job creation. The goal of this program is to bridge funding gaps for early-stage companies and enable them to attract additional capital from angels, venture capital firms and others.
NanoPhotonica is developing products based on technology licensed from the University of Florida. According to Dr. Christopher Morton, NanoPhotonica Co-Founder and Chief Executive Officer, "This program is a testament to the progress Florida is making towards supporting the creation and growth of early stage innovation companies, and we are delighted to be the first company to receive this support. This will enable us to accelerate product commercialization with the major customers we have and will continue to attract, thus creating high-paying new jobs right here in Florida."
NanoPhotonica focuses on creating breakthrough nanomaterials that are the basis for displays in a wide range of consumer electronics such as cell phones, tablet computers and TVs. Their patented materials and processes require far lower costs to produce energy efficient, long-lasting displays with superior brightness and color purity. The company also uses similar technology to develop solar power cells that are extremely light weight, have increased usable lifetime and lower production costs that will make solar a green energy competitor that is actually cheaper than fossil fuels. The company is working with major display manufacturers and will begin shipping product in 2012.
"The Institute is pleased to offer this innovative program to early-stage companies like NanoPhotonica, that are creating high-wage, high skill jobs in important new industries," stated Jane Teague, Interim Executive Director of the Institute. "In addition to providing entrepreneurs with capital to help them grow their businesses, the program also encourages private sector investment through the one-to-one matching requirement, and we look forward to the economic development impact it will have on Florida's economy."
Source: Institute for the Commercialization of Public Research (press release)