HZO, a US-based nanotechnology company HZO that provides liquid and corrosion protection to electronic devices, has raised $20m in a second phase of series B funding that featured power and thermal management company Delta Electronics.
Venture capital firm Harris & Harris Group, private investment firm Prudence Holdings and VY Capital, all of which participated as return investors, also took part, as did private equity firm Iron Gate Capital and VC firm Translink Capital.
HZO raised $7m in the first tranche of its series B funding in 2011, followed by $3m from Horizons Ventures in December 2011. The company subsequently raised an additional $3.6m in venture funding in May 2013.
The new funds will be used to further expand HZO’s global operations, which involve providing protective solutions to original equipment manufacturers. The company has created protective solutions for more than 150 products across a range of sectors from electronics to aerospace.