NanoMech Raises $12M in Funding Round
by September 17, 2014 3:23 pm 151 views
NanoMech Inc. announced Wednesday that it raised $12 million for its Series B financing round.
The Springdale-based nanomanufacturing company, which has been in business since 2002, plans to use a lot of that money to reinforce its sales and marketing divisions, in an effort to grow the firm’s global presence, according to a press release from the company.
According to the company, products like nGlide and TuffTek have proven to be disruptive in their respective markets, affording NanoMech the opportunity to do business throughout the world with Fortune 100 companies and innovative startups alike.
NanoMech plans to use the money to increase its efforts in transportation and energy manufacturing, adding to its current global influence on a myriad of machine-driven industries.
It will also use the money toward intellectual property purposes, although the company received important patents this year for its innovations in lubricants, according to the company.
The latest round of investors include Meadow Lane Investments, Hendricks Investment Holdings, Advantage Capital Partners and Spring Creek Investments, and the company has about 60 days to consider additional private placements of its stock in this round.
Meanwhile, NanoMech is finishing construction on what it’s calling a state-of-the-art, 25,000-SF facility that will add on to the worldwide headquarters, effectively tripling the current space.
“This advanced facility will allow us to accelerate the development and commercialization of innovative products that people have only dreamed of before,” Dr. Ajay Malshe, chief technology officer and founder, said in the press release.