C3Nano, a US-based manufacturer of hybrid carbon nanotubes, has raised $12m in a series C round led by industrial products maker Nagase America Corporation alongside an undisclosed industrial company.
Venture capital firms GSR Ventures and Phoenix Venture Partners (PVP), and investment group Hongguo International also participated in the round.
C3Nano is the developer of the nanomaterial-based, solution coat-able transparent conductive material Active-grid. In order to keep up with demand, it will use the funds to expand its manufacturing capacity, and to support research and development efforts for new products.
Founded in 2010, C3Nano has collected a total of $21.9m in funding. It raised $6.7m in a series B round in 2012 from PVP and GSR Ventures, having secured $3.2m in series A funding from GSR the previous year.
C3Nano is a spin-out of Stanford University. The company received a $200,000 grand prize in the 2010 MIT Clean Energy Prize contest.