Nanotech co Fulcrum Stable Proteins raises $700,000

Korean fund L&S Venture Capital and Heliant Investments Trust made the investment at a company value of $8.5 million.

Maayan Ventures Ltd. (TASE:MAYN) portfolio company Fulcrum Stable Proteins Ltd. has raised $700,000 at a company value of $8.5 million from L&S Venture Capital of Korea and Heliant Investments Trust. The Bank of Korea has to formally approve the investment.

Fulcrum has developed nanotechnology for the production of complex carbon carbon fabric and fiber glass materials, such as Kevlar with improved features and low cost.

Fulcrum estimates the carbon fabric market at $21 billion, up from $5.5 billion in 2010, as carbon fabric has become a critical component in high-end strength-to-weight industries such as aerospace, transportation and professional sports equipment. The company produces its fibers with standard manufacturing processes which do not require new costly procedures, and its collaborates with leading global carbon fiber and components manufactures, including the Kitan Textiles Industries Ltd. plant in Dimona

Fulcrum was founded in September 2007 at Maayan's Rotem incubator. The investment will reduce Maayan's stake in the company from 22.7% to 20.15%. As of the end of March, Fulcrum had raised NIS 9.5 million, including NIS 4.2 million from Maayan.

Published by Globes [online], Israel business news - www.globes-online.com - on June 5, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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