Cnano Technology Limited (Cnano) announced today that it has
received $6 million in venture funding. The investment was co-led by CMEA
Ventures and Pangaea Ventures, and included WI Harper. Cnano
is focused on manufacturing carbon nanotubes and the development of
applications associated with the nanotubes.
Carbon nanotubes are breakthrough nanotechnology materials
that exhibit unique electrical, thermal, and mechanical properties.
These properties are expected to result in significant performance
improvements for diverse applications across broad market segments,
including energy and environmental (cleantech), specialty materials,
and electronics.
Cnano has pioneered a novel hybrid technology that results in
significantly reduced manufacturing costs compared to any other carbon
nanotube production methods to date. “Since the discovery of
carbon nanotubes, the applications have been limited due to high costs.
With our patented, mass production technology, Cnano is strategically
positioned to provide high quality nanotube products at good prices for
our customers,” noted Xindi Wu, Cnano president and CEO.
“Cnano’s breakthrough technology will
enable rapid, large scale application of carbon nanotubes in many
industries; and we are excited to be part of the team,” said
Purnesh Seegopaul of Pangaea Ventures. “Several corporations
are evaluating Cnano’s products and this is expected to lead
to rapid market penetration.”
“There are relatively few companies today that can
bring significant, transformational science and technology to a broad
set of industries,” said Tom Baruch of CMEA Ventures,
chairman of Cnano. “Cnano has the potential to meet the cost
and performance specifications required to enable its advanced material
products to be used in many critical and growing market sectors in a
very short period of time.”
“Cnano’s unique technology and
manufacturing in China will enable it to compete effectively in the
global market place,” said Peter Liu, Chairman of WI Harper
Group. “Cnano is expected to target several large high growth
carbon nanotubes applications.”