Nanosys Closes Second Round of Series E Financing on Path to Commercialize Architected Materials for LCD and Battery Markets
Oct 26, 2010
1 min read
Palo Alto, Calif., October 26, 2010 – Nanosys, Inc., an advanced materials architect, today announced the completion of its Series E financing round, raising a total of $31 million. Led by Samsung Venture Investment Corporation, the round also included funding from previous venture capital investors including ARCH Venture Partners, El Dorado Ventures, Polaris Venture Capital and Venrock. Nanosys will use the funding to scale up manufacturing of its QuantumRail™, a process-ready component that improves LED backlit display color gamut and efficiency, and SiNANOde™, a silicon composite anode material that improves lithium-ion battery capacity by 40 percent.
“We believe Nanosys is poised for growth in the coming years,” said Steven Goldby, Partner at Venrock and Chairman of Nanosys’ Board of Directors. “Flat panel displays are a $100 billion market and lithium-ion battery market is projected to exceed $70 billion by 2020. Having invested in the company since its start in 2002, we’re pleased to see its continued progress and expansion.”
“Nanosys has had great success commercializing the QuantumRail™ this year with major LCD display partners and we anticipate similar growth as we move into the energy storage market” said Jason Hartlove, CEO of Nanosys. “This funding will enable us to increase our production capacity for our priority LCD and battery products as we secure additional customers.”
This year, Nanosys signed a commercial agreement with LG Innotek to use QuantumRail™ in mobile devices which will be available to consumers in early 2011 and announced a strategic alliance with Samsung that included a licensing arrangement to accelerate the development of commercial applications of nano-architected materials for the electronics and thin film solar markets. The company is currently working with major battery manufacturers to bring SiNANOde™-enhanced batteries to consumers in 2011.