Manchester, United Kingdom – 5th October 05
Nanoco Technologies Limited (www.nanocotechnologies.com) today announced that it has raised funding from three venture capital funds. The funding will fuel commercialization of Nanoco’s Quantum Dot manufacturing technology. In addition, Nanoco will continue to make investments in further developing its Quantum Dot technology into applications in the electronics, biomedical and security sectors.
The company also announced that it has hired Dr. Michael Edelman. As CEO, Dr. Edelman’s remit will be to lead the development of the business and to increase its already strong number of alliances with companies applying nanotechnology in growing markets. Founder Professor Paul O’Brien commented, “Dr. Edelman’s proven track record of building and leading successful teams and bringing new technologies to market makes him an ideal leader for this exciting and critical phase of Nanoco’s development.”
A University of Manchester spinout founded in 2001 by Professor O’Brien and Dr. Nigel Pickett, Nanoco has developed and patented core technology that enables it to manufacture Quantum Dots in industrial quantities. This capability makes it possible to employ Quantum Dots in a broader range of applications than previously has been practical.
Dr. Edelman said, “I have been impressed by the strength of Nanoco’s technology, validated by already strong interest from leading global technology corporations. I look forward to working with the team not only to grow the business, but to take a leadership role in the developing nanotech market.”
Quantum dots are nano-sized particles of semiconductor material that are about 80,000 times smaller than the width of a piece of human hair. Their small size results in unique chemical, electronic and optical properties, which are suitable for exploitation in a range of established and rapidly emerging commercial applications. By the end of 2005, the global market for nano-materials like Quantum Dots is expected to have doubled from $490 million in 2003 to $900 million and then accelerate to $11 billion by 2010.
Lead investor and Nanoco Director Duncan Peyton of the Northwest Seed Fund commented, “We have been tracking Nanoco’s development for more than two years now. We are excited, not only by the company’s impressive progress in developing a market-ready technology, but also by the sector’s potential. We believe that Nanoco is well-positioned to capitalize on this nascent industry’s growth in the coming years.” In addition to the Northwest Seed Fund, Manchester Technology Fund and the North West Business Investment Scheme (managed by YFM Private Equity) participated in this round of financing.
Nanoco is a material science company that holds patents related to industrial-scale production of Quantum Dots. Quantum Dots are Fluorescent semi-conducting nano-crystals that can be used in a range of applications from biological imaging to next-generation display technology. The University of Manchester spinout was founded in 2001. www.nanocotechnologies.com
About the North West Seed Fund (“NWSF”)
The NWSF is a £4.5m fund that helps exceptional North West, England entrepreneurs and businesses to achieve their potential through seed capital investment and business building support. It was established in September 2003. The NWSF is managed by Axiomlab Investment Management Limited and the North West Development Agency www.nwda.co.uk has contributed the capital. www.nwseedfund.com
About the Manchester Technology Fund (“MTF”)
MTF is a seed investment fund which provides early stage equity funding to University of Manchester spin-out companies. MTF was established in 1999 under the Government’s University Challenge scheme. Contributors to the fund are the UK Government and the Wellcome Trust in addition to the University of Manchester. MTF invests in projects across a range of technologies from IT to Life Sciences. www.mantechfund.com
About North West Business Investment Scheme and YFM Private Equity
The North West Business Investment Scheme is managed by YFM Private Equity Ltd on behalf of the North West Regional Development Agency. YFM Private Equity is authorised and regulated by the Financial Services Authority.www.nwbis.co.uk
For further information contact: Michael Edelman on: firstname.lastname@example.org or +44 7876 740 760