US-based chemical additive producer NBD Nanotechnologies has raised $8m in a series B round led by chemicals and materials provider BASF that included industrial and consumer product manufacturer Henkel.
Venture capital firm Phoenix Venture Partners also invested as part of the round. Henkel participated through its materials division, Henkel Adhesive Technologies, while BASF used corporate venturing subsidiary BASF Venture Capital.
NBD Nano creates chemical additives that can improve the durability and adaptability of the surfaces of consumer or electronics products. Its product range includes an additive that repels water from automobile glass and one that protects solar panels from accumulated dirt.
Phoenix Venture Partners also led NBD Nano’s $5.2m series A round in 2014, investing alongside Supply Chain Ventures, undisclosed angel investors and, according to Boston Business Journal, Techstars and Boston Seed Capital.
The company had previously raised $1.2m in debt and equity in 2013, according to a regulatory filing. It will use the series B funding for product development as it seeks to grow its customer base.