Monday, November 3, 2008

Xtalic lands $10M in Series B financing

By Mass High Tech Staff

Marlborough-based nanotechnology company Xtalic Corp. has raised $10 million in its second round of funding. The round was led by previous investors Matrix Partners and North Bridge Venture Partners, both of Waltham, and included a consortium of smaller investors led by James Wolfensohn, former head of the World Bank and previous investor in the company.

The funding brings the company’s private financing to $15.7 million since its inception in 2005. The funding is expected to help Xtalic further commercialize and launch its tailored nanostructured metal coatings to industrial and electronics markets, according to a company statement.

Based on technology developed by MIT researchers Christopher Schuh and Alan Lund, Xtalic has developed a new way to shrink metal crystals to make safer and stronger alloy coatings. The company has also developed the software that controls the treatment (electroplating) of materials.

The material offers corrosion resistance, wear resistance and aesthetic qualities similar to hexavalent chrome, without the harmful chemicals employed in traditional chroming processes, according to company statements.

In March, the company hired Tom Clay as CEO. Clay was formerly CEO of another MIT spinout Z Corp., which is based in Burlington and makes 3-D printing and modeling technologies.