Jul 31 2007
Cnano Technology Limited (Cnano) announced today that it has received $6 million in venture funding. The investment was co-led by CMEA Ventures and Pangaea Ventures, and included WI Harper. Cnano is focused on manufacturing carbon nanotubes and the development of applications associated with the nanotubes.
Carbon nanotubes are breakthrough nanotechnology materials that exhibit unique electrical, thermal, and mechanical properties. These properties are expected to result in significant performance improvements for diverse applications across broad market segments, including energy and environmental (cleantech), specialty materials, and electronics.
Cnano has pioneered a novel hybrid technology that results in significantly reduced manufacturing costs compared to any other carbon nanotube production methods to date. “Since the discovery of carbon nanotubes, the applications have been limited due to high costs. With our patented, mass production technology, Cnano is strategically positioned to provide high quality nanotube products at good prices for our customers,” noted Xindi Wu, Cnano president and CEO.
“Cnano’s breakthrough technology will enable rapid, large scale application of carbon nanotubes in many industries; and we are excited to be part of the team,” said Purnesh Seegopaul of Pangaea Ventures. “Several corporations are evaluating Cnano’s products and this is expected to lead to rapid market penetration.”
“There are relatively few companies today that can bring significant, transformational science and technology to a broad set of industries,” said Tom Baruch of CMEA Ventures, chairman of Cnano. “Cnano has the potential to meet the cost and performance specifications required to enable its advanced material products to be used in many critical and growing market sectors in a very short period of time.”
“Cnano’s unique technology and manufacturing in China will enable it to compete effectively in the global market place,” said Peter Liu, Chairman of WI Harper Group. “Cnano is expected to target several large high growth carbon nanotubes applications.”