GM Ventures, the corporate venture capital subsidiary of carmaker General Motors, led a funding round for US-based nanostructured steel materials producer NanoSteel yesterday that was sized at $15m, according to a securities filing.
Automotive systems supplier Lear Corporation and family office SPDG also invested in the round alongside undisclosed “existing major shareholders”.
Founded in 2002, NanoSteel develops and manufactures advanced forms of sheet steel that are used in automotive lightweighting and metal powders for 3D printing.
The latest funding will support the commercialisation of an advanced high-strength sheet steel (AHSS) which NanoSteel launched in 2016 for use in the automotive industry. Lear is among the first suppliers to have licensed the company’s products.
Matthew J. Simoncini, president and CEO and of Lear Corporation, said: “After initial testing of NanoSteel’s AHSS, we are optimistic about its potential to contribute lighter materials for our vehicle seating structures.
“Helping our customers meet their fuel economy targets is a clear priority for Lear, and we are enthusiastic supporters of new lighter-weight solutions that would allow us to use our current manufacturing infrastructure.”
NanoSteel has now raised $66m in equity financing and $7.5m in debt, according to securities filings. GM Ventures took part in its $10m series C round in 2012, which included EnerTech Capital, Fairhaven Capital Partners and unnamed existing investors.
The company’s earlier investors include metal abrasives manufacturer Ervin Industries, venture capital firms Chrysalix Energy Venture Capital and Cycad Group, investment firm Milcom Investments and VC fund Octane Venture Partners.