NanoMech announced that it has secured $10 million in capital for leading its Series C Financing round from Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabia’s national oil company. This capital infusion and new global customer relationship with the largest producer of oil in the world will significantly accelerate NanoMech’s manufacturing of the most advanced nanoengineered and nanomanufactured lubricants, coatings and specialty chemicals, addressing major industries such as energy, transportation, aerospace, manufacturing, automotive, racing, agricultural equipment and military.
NanoMech has successfully validated and commercialized its patented innovations to iconic world-leading businesses. It has completed scale up of its smart factory and labs with quality control, repeatability and scalability, producing “must-have” novel products that utilize NanoMech’s patented multi-functional macro-molecular open architecture eliminating wear and corrosion even in the most extreme conditions, while providing unmatched performance, efficiency and sustainability. Today’s announcement represents NanoMech’s most significant milestone in the continued validation and authentication of its world-class innovative technology and breakthrough products.
“NanoMech is honored to achieve this recognition and investment by the world’s largest energy company. Building on current momentum, NanoMech will use this financing and relationship to expand our global reach, invest in additional sales and marketing resources, and increase investment in our market leading nanotechnology platforms, nGlide, GuardX, TuffTek, and nGuard,” said NanoMech Chairman and CEO Jim Phillips.
“Response to NanoMech’s technology and products at Saudi Aramco and several of our major service company and suppliers has been unprecedented and holds significant potential as the future in material science, specialty chemicals, and coatings not only for the energy sector, but also for many other critical industries,” according to Cory Steffek, Managing Director, North America for SAEV.
The company will use the proceeds from this initial closing and from additional and subsequent investments in this round to rapidly increase its sales and marketing infrastructure and activities, continue to expand and protect its intellectual property, and for working capital. The company is excited to announce this initial closing and expects this investment and any subsequent investments to accelerate growth.
Deborah Wince-Smith, CEO of the U.S. Council on Competitiveness and NanoMech board member added, "Aramco's strategic investment in NanoMech will transform the productivity paradigm for sustainable global energy production and accelerate NanoMech's position as the global leader in advanced nanotechnology delivering products and solutions for enhanced business performance and competitive advantage. "
NanoMech is shipping novel nano-engineered products globally to Fortune 100 companies as well as to emerging companies who have chosen to innovate their way to the top by incorporating NanoMech’s nano-engineered solutions into disruptive and far more competitive products.
Dr. Ajay P. Malshe, CTO and Founder added, "After more than a decade of extensive research and development and recent large-scale commercialization successes, our industry leading disruptive nanoscience is light years ahead of the competition and is transforming entire industries. Our patented multi-functional solutions increase performance, durability and reliability – achieving top machine performance like never before. We are ecstatic to be working closely with a company of the size and stature of Aramco and their highly regarded venture subsidiary.”
Related Glossary Terms
- quality assurance ( quality control)
quality assurance ( quality control)
Terms denoting a formal program for monitoring product quality. The denotations are the same, but QC typically connotes a more traditional postmachining inspection system, while QA implies a more comprehensive approach, with emphasis on “total quality,” broad quality principles, statistical process control and other statistical methods.