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Print Edition StoriesNanoSteel Co. Inc. of Providence, R.I., has raised $16.99 million in a new funding round for the nanotech-based coatings company, according to a federal document.
The 17 investors in equity financing were not identified in the filing with the U.S. Securities and Exchange Commission. Previous backers of NanoSteel have included Chrysalix Energy Venture Capital, Cycad Group, EnerTech Capital, Ervin Industries, Fairhaven Capital Partners, MILCOM Technologies Inc. and Octane Venture Partners, according to the company’s website. Listed as a related person is board chairman Scott Ungerer, founder and managing director of EnerTech Capital, and Richard MacKellar of Chrysalix, among others.
Calls to NanoSteel were not immediately returned before posting deadline.
NanoSteel 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, touts the value of its super hard steel as a replacement for hard chrome coatings that is more environmentally friendly than chrome.
In August 2009, NanoSteel raised $8 million of a planned $11 million funding round. The company in 2006 moved to Providence from Florida, where it had been spun out of Maitland, Fla.-based holding company MILCOM Technologies Inc.
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