NanoMech of Springdale Secures $10 Million in Series C Funding

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A Springdale-based company that is a global leader in nano-lubricant manufacturing has kicked off its Series C funding round with $10 million from Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabia’s national oil company.

NanoMech Inc. announced the investment April 13, and the financing will significantly improve the company’s manufacturing, sales and product development.

NanoMech chairman and CEO Jim Phillips said the funding represents the company’s “most significant milestone in the continued validation and authentication of its unique technology.”

“Building on current momentum, NanoMech will use this financing and relationship to expand our global reach, invest in additional sales and marketing resources,” he said in a statement. “We will also increase investment in our market-leading nanotechnology platforms, nGlide, GuardX, TuffTek, and nGuard.”

NanoMech uses nanotechnology to develop advanced products for industrial and mechanical applications such as lubricants, coatings and specialty chemicals. The products have increased performance, efficiency and reliability in multiple industries such as energy, transportation, aerospace, manufacturing, automotive, agricultural equipment and the military.

“After more than a decade of extensive research and development, and recent large-scale commercialization successes,” Dr. Ajay P. Malshe, chief technology officer and founder of NanoMech, said in a statement. “Our industry is leading disruptive nanoscience and is light-years ahead of the competition. We are transforming entire industries.”

Last year, NanoMech expanded its storage and distribution capacity by leasing 12,000 square feet of additional warehouse and office space near its headquarters in Springdale.