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Nanotech-based coatings company NanoSteel Co. Inc. of Providence, R.I. has taken on $8 million of a planned $11 million funding round, federal documents note.
According to the U.S. Securities and Exchange Commission, NanoSteel has now taken approximately $20 million in venture funding, since it was founded in 2002 in Maitland, Fla., as a spinout of MILCOM Technologies Inc. The company makes a spray-on, super-hard steel for use primarily in the mining and marine industries.
The company, which licensed its technology from the Idaho National Engineering and Environmental Lab, moved to Providence from Florida in 2006.
NanoSteel also touts the value of its super hard steel as a replacement for hard chrome coatings that is more environmentally friendly than chrome.
The filing with the SEC did not name the backers in NanoSteel’s latest round, but listed as a director is Scott Ungerer, founder and managing director of EnerTech Capital, a Pennsylvania-based venture capital firm that lists NanoSteel in its portfolio.
In January, NanoSteel hired Mike Place as sales director. Place came from Liquid Metal Coating Solutions where he was national sales director and field operations manager.
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