Pixelligent, a manufacturer of nanocrystal additives for military, industrial and electronics markets, has proclaimed that it has completed the funding round for $5.1 million.
Both the existing and new investors have participated in the funding round. A Baltimore-based Angel group, WISE and the Abell Foundation are the new investors. The Maryland Department of Business and Economic Development and the Baltimore Development Corporation have also funded $100,000 and $200,000, respectively.
Pixelligent will utilize the funds for procuring manufacturing equipment, appointing staff and deploying new systems. The company has recently announced shifting of its production operations to a 10,500 sq ft facility located in Baltimore, Maryland. The high-tech facility will fulfill the current manufacturing demands of Pixelligent and has the scope for capacity expansion. The company has slated the official opening of the facility in early fall.
Pixelligent has amassed roughly $9 million in equity and has secured over $9 million through a government grant program in the last 30 months. Its nanocrystal additive technology has commercial applications in various market fields such as transportation, energy, lubricants, electronics, and building and construction.
The Chief Executive Officer at Pixelligent Technologies, Craig Bandies stated that the completion of this funding round is a milestone for Pixelligent, as it will utilize these funds for production capacity expansion in order to fulfill the current demand and gear up the commercialization of its nanoadditives.
Source: http://www.pixelligent.com