Nanotech co ApNano raises $5m

The company is developing inorganic nanoparticles licensed from the Weizmann Institute.

US-Israeli nanotechnology start-up ApNano Materials Ltd. has closed a $5 million financing round from private investors at a company value of $70 million after money. The company is developing proprietary inorganic nanoparticles licensed from Yeda R&D Company Ltd., the technology transfer arm of the Weizmann Institute of Science, where the structures were discovered by the Nanomaterials Synthesis Group.

ApNano chairman Aharon Feurstein and CEO Dr. Menachem Genut founded the company 2002. It previously raised $12.5 million from Israeli and European investors and from the EU Sixth Framework Progamme for Research and Development

ApNano's NanoLub comprises of dry nanoparticles designed to replace lubricants for reducing friction. NanoLub is several times more effective than current lubricants, such as oil, and is the first commercial solid nanolubricant in the world. The company produces NanoLub at a plant in Yavne, established three years ago when the company closed its second financing round.

Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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