UK-based nanotechnology company Iota NanoSolutions has raised an undisclosed amount from Anglo-Dutch listed consumer goods company Unilever and Sharia-compliant financial services firm Qatar Islamic Bank (QIB).
QIB (UK) joined Iota as a new investor after the nanotechnology company was formerly part of Unilever until it became a spin-out in 2005. Iota remains majority-owned by Unilever Ventures, according to Iota’s website.
Iota said the additional funds would allow it to commercialise its ContraSol technology, which transforms poorly soluble materials into powders which can subsequently be dispersed in liquids.
John Coombs, managing director of Unilever Ventures, said: "ContraSol has generated significant interest from multiple leading global players in the pharmaceutical and agrochemical sectors and we remain confident the technology and company will continue to excel in these fields."
Akbar Ahsan, head of corporate Finance at QIB (UK), said "In time we will work with Iota to expand its research activities in Qatar through establishing a presence there and participating in the knowledge based economy which is being developed by Qatar Foundation and the Qatar Science & Technology Park."
Icon Corporate Finance advised Iota, which had legal counsel from DWF; Burges Salmon were counsel to QIB; and Mayer Brown International were the lawyers for Unilver Ventures.