Saudi Aramco Energy Ventures, the corporate venturing arm of oil and gas company Saudi Aramco, has provided $10m in series C funding for US-based nano-engineered materials manufacturer NanoMech.
Founded in 2002, NanoMech utilises nanotechnology to develop products like lubricants, coatings and specialty chemicals for industrial and mechanical use in industries like energy, transportation, aerospace, manufacturing, automotive, agricultural equipment and the military.
Jim Phillips, NanoMech’s chairman and CEO, said: “Building on current momentum, NanoMech will use this financing and relationship to expand our global reach, invest in additional sales and marketing resources, and increase investment in our market leading nanotechnology platforms, nGlide, GuardX, TuffTek, and nGuard.”
The funding took NanoMech’s overall funding to approximately $35m according to press releases and securities filings. It follows a $12m series B round in late 2014 featuring Meadow Lane Investments, Hendricks Investment Holdings, Advantage Capital Partners and Spring Creek Investments.