Applied NanoWorks Secures $2.0 Million to Expand Nano-Materials Manufacturing
Founded in 2003, Applied NanoWorks, Inc. has developed proprietary manufacturing technologies for the production of advanced nano-scale materials that deliver unmatched physical performance and cost dynamics. The products include nano-oxides and nano-phosphors produced in 2nm to 50nm sizes and are available in a variety of form factors.
“Nanotech is the kind of cutting edge technology that is of growing importance to New York's economy. A diverse mix of businesses from high-tech to traditional manufacturing is critical for a vibrant and growing economy here in New York”
"We have a capital and energy efficient manufacturing process that produces nano-scale particles that are tunable to meet a wide range of market needs," stated Eric Burnett, President and CEO of Applied NanoWorks, "and we deliver the materials in forms that are easily integrated into product manufacturing processes, positioning Applied NanoWorks as a competitively superior solution for manufacturers."
The company's manufacturing technology controls materials at the molecular level enabling the tuning of particle size and the delivery of well suspended particles, which is an important feature to manufacturers. The engineered materials provide new and valuable properties including luminescence for lighting applications, UV blocking for building materials and electronics, and the required hardness and size for fine abrasive applications in the semiconductor manufacturing industry.
"Applied NanoWorks has immediate market opportunity in both the coatings additives and chemical-mechanical planarization (CMP) markets," said John Cococcia, Principal with FA Technology Ventures, "the Company's products deliver smaller particle size and more uniform distribution, resulting in increased hardness, better UV protection and significantly increased polishing performance to a developing world wide market of over $1 billion."
The funding was co-led by FA Technology Ventures, an Albany, NY investment company that provides growth capital to early and expansion stage technology companies, and High Peaks Venture Partners, a Troy, NY venture capital firm that invests in early stage New York State technology companies. Co-investors in the funding were Fresh Tracks Capital, a Vermont based venture capital firm that invests in early stage private companies in Vermont and northern NY, and an industry based angel investor.
"Applied NanoWorks is an early stage New York State nanotechnology company with a proven, scalable production technology," Russell W. Howard, Managing Director of High Peaks Venture Partners, stated, "it also has a very attractive business model and an experienced management team, two key factors we look for in a strong growth company."
The investment included $883,000 from the New York State Common Retirement Fund. The New York Common Retirement Fund (CRF) is a large investor in both High Peaks Venture Partners and FA Technology Ventures.
"Nanotech is the kind of cutting edge technology that is of growing importance to New York's economy. A diverse mix of businesses from high-tech to traditional manufacturing is critical for a vibrant and growing economy here in New York," New York State Comptroller Alan G. Hevesi said. "That's why it is so important for us to invest in early-stage companies such as Applied NanoWorks that are expanding quickly and creating the types of specialized jobs that are increasingly in demand around the world. At the same time, I anticipate a positive return for the State pension fund."
Applied NanoWorks has exclusive world-wide licenses for two fabrication technologies from Rensselaer Polytechnic Institute and has three technology patents pending. The Company was founded by CEO Eric Burnett, a successful entrepreneur on his third technology start-up, and CTO Partha Dutta, a world renowned expert in nano-crystal and nano-particle fabrication, associate professor with Rensselaer Polytechnic Institute, and inventor of the company's patented technologies.
About Applied NanoWorks
Applied NanoWorks, where nanotechnology transitions from the lab to the real world.
A nano-materials development and manufacturing company, we produce nano-scale particles with unmatched physical performance and cost dynamics for industrial research and manufacturing applications. Our proprietary manufacturing technology produces high quality oxide, phosphor and metal nano-materials in 2nm to 50nm sizes that are available in volumes ranging from research quantities to high volume purchasing and production agreements. For information visit our web site at www.appliednanoworks.com
About High Peaks Venture Partners
High Peaks Venture Partners (www.hpvp.com), based in Troy, NY, is a venture capital firm that invests in early-stage, high-growth, entrepreneurial companies throughout Upstate New York. With $46 million in capital, High Peaks is Upstate New York's largest early-stage venture fund. High Peaks is focused on emerging technology businesses throughout New York State, and is a part of the Village Ventures nationwide network of regionally focused venture capital funds. The High Peaks team brings substantial experience as venture investors, entrepreneurs, and business advisors across a variety of industries.
About FA Technology Ventures
FA Technology Ventures (FATV), based in Albany, New York, is a leading early stage investor, providing venture capital, management and guidance for companies in the emerging growth sectors of Information Technology and Energy Technology. FA Technology Ventures is committed to helping build tomorrow's leading companies through its investments and looks for business ideas with the potential for greatness and experienced, passionate entrepreneurs to execute on them. To learn more about FA Technology Ventures, visit www.FAtechventures.com.
About the Common Retirement Fund
The $130 billion New York State Common Retirement Fund is an in-state private equity investment program. The fund, whose sole trustee is Hevesi, has committed $409 million to 16 managers located throughout New York State. The program provides market rate returns to the pension fund while providing capital for New York businesses.