NanoHorizons secures $2.2 mn in additional equity capital
08 Dec '05
2 min read
NanoHorizons Inc announces the close of its final A round of funding, including significant investments by both existing and new investors. This new round was initiated in March 2005 as a Series A1 preferred round and closed on October 31, having risen approximately, $2.2 million of additional equity capital.
This significantly exceeds the level originally intended, driven by strongly increased investor interest in the company's capabilities and accelerating market demand for NanoHorizons's products.
In addition to a new group of sophisticated private investors, returning investors included members of Pulsar Ventures, which had provided the Company with its initial funding at its inception in 2002 -- as well as Life Sciences Greenhouse of Central Pennsylvania and Ben Franklin Technology Partners
"NanoHorizons has been impressive in both its product development and its business strategies," said Dr. Edward M. Frymoyer, Managing Director of Pulsar Ventures. "The company has shown great market and product focus, while investing aggressively in revenue-generating technology and activities."
"The investments produced an impressive breadth and quality of market-driven products. The effective management and execution of the excellent technical and business team have exceeded our expectations. Since 2002 NanoHorizons has moved nanotechnology to NOW technology."
"The completion of our new manufacturing facilities, and the accelerating adoption of our products in the textile industry bear witness to our capabilities in delivering innovative nanotechnology solutions to real-world problems," said Dr. Stephen Fonash, Chairman and CTO, NanoHorizons. "The future will see an expansion of SmartSilver product line and development of other custom specialty additives for materials improvement."
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