US-based industrial conglomerate 3M’s corporate venturing unit has agreed two US-based deals.
3M New Ventures has invested in GoNano Technologies, a developer and manufacturer of nanomaterials for pollution control and sensory technologies, and Ecovative Design, which uses mushrooms for packaging (pictured).
GoNano was founded in 2007 for the purpose of commercializing the Nanospring technology platform, which was developed over a decade long collaboration between Washington State University and University of Idaho.
Stefan Gabriel, president of 3M New Ventures, said: "GoNano Technologies’ unique technology platform offers significant performance improvements for chemical flow reactions that benefit from large surface areas. "The combination of this potentially game-changing nanomaterial with our technology platforms further stimulates disruptive innovation and creates new business opportunities in the catalytic conversion space for 3M."
Rensselaer Polytechnic Institute, America’s oldest technology university, and Doen Foundation, founded in 1991 as the main philanthropic fund of The Dutch Postcode Lottery, joined 3M New Ventures in the consortium backing Ecovative Design.
Also founded in 2007, Ecovative produces home-compostable and cost-competitive replacements for conventional petrochemical foams using mycelium, or mushroom roots, as a self-assembling glue.
Eben Bayer, chief executive of Ecovative, said: "This capital will allow us to expand our own manufacturing operations, while also creating new opportunities for licensing and manufacturing partnerships."
"Ecovative has the kind of disruptive, breakthrough technology that can be a game changer in various industries including automotive, construction and architecture," said Gabriel.