C3Nano Inc said Feb. 22 that it raised $15 million in equity financing led by existing investor GSR Ventures. New investors included Nissha Printing Co Ltd, Xinjiang Guoli Minsheng Equity Investment Co Ltd, as well as other investors including Phoenix Venture Partners, and several undisclosed investors. C3Nano develops transparent conductive inks and films for the touch sensor and display industry.
HAYWARD, Calif.–(BUSINESS WIRE)–C3Nano Inc., the performance leader in transparent conductive inks and films for the touch sensor and display industry, announced today that it has closed $15 million in equity financing.
The latest financing was led by existing investor GSR Ventures, new investors Nissha Printing Co., Ltd. and Xinjiang Guoli Minsheng Equity Investment Co., Ltd. Other investors included Phoenix Venture Partners, and several undisclosed investors, including a leading Silicon Valley technology company. Building on the Series C financing led by Hitachi Chemical and Nagase America, the new round brings C3Nano’s total equity financing to $37 million since its 2010 inception.
C3Nano will use the new funding to build manufacturing operations in China and increase its capacity in South Korea to support its sales growth. The manufacturing scale up will strengthen C3Nano’s presence in Asia and provide expanded technical and business support to its global customer base. The financing will also fund new technology development and innovation at its headquarters in Hayward, CA.
Kevin Yin, GSR Partner and C3Nano board member who led the original investment to spin-off C3Nano from Stanford University, stated, “C3Nano has demonstrated clear business foresight in driving industry-leading technology, and has built one of the world’s most advanced materials R&D and engineering organizations. They continue to innovate, setting the very best market performance standard through each product delivered.”
“We’re excited to establish a strong position in the flexible sensor market with C3Nano’s technology. We look forward to working with them as we grow the market together,” asserted Daisuke Inoue, Executive Vice President at Nissha.
C3Nano CEO Cliff Morris shared, “We are delighted to welcome our new investors and thank our existing investors for their continued support. As the OLED and flexible display markets accelerate and with the commitment of our strong investors, strategic industry partners, loyal customers, and dedicated employees, C3Nano is globally positioned to grow and prosper. I see a bright future for us all.”
About GSR Ventures
GSR Ventures is a venture capital fund that invests primarily in early and growth stage technology companies that have very large market opportunities, strong management teams and disruptive intellectual property, business models or market positions that will give them a competitive advantage to successfully compete in the global market.
About Nissha Printing Co., Ltd.
Nissha Printing Co., Ltd. was founded in 1929 and is headquartered in Kyoto, Japan. The Company operates four business segments worldwide with variety of technologies and products in several growing markets. Among them, the Device segment is involved in the design, development, manufacturing and sale of touch input devices with global customer base.
About Xinjiang Guoli Minsheng Equity Investment Co., Ltd.
Established over three decades ago, GMEI has evolved into a conglomerate global holdings group, with majority stakes in a series of A-share public companies in China, a variety of financial instruments such as security companies, investment banks, insurance companies, and in extended portfolio companies in Australia and in the United States. GMEI’s Managing Director, Mr. Marzak Jing Li, also a Stanford Alumnus, led the investment in C3Nano.
About Phoenix Venture Partners
Phoenix Venture Partners invests in breakthrough advanced materials innovations that have transformative impacts on diverse industries. They align themselves with passionate entrepreneurs and growing electronic materials companies to help successfully commercialize innovation.
About Hitachi Chemical Company, Ltd.
Hitachi Chemical (TSE:4217), with its headquarters in Tokyo, Japan, has a presence in global markets with a wide range of innovative products, such as electronic materials, car components, and devices and systems for energy storage. The company’s consolidated turnover in financial year 2015 (closing March 31, 2016) reached 547 billion yen ($4.8 billion USD).
About Nagase America Corporation
Nagase is a global leader in innovative products and solutions through its expertise in chemicals, plastics, electronics, automotive and life sciences. Founded in 1832, the Nagase group has grown to include over 100 companies in 20 countries and 6,000 employees worldwide. We believe in the power of bringing together good science with great people to create customized solutions for the world’s changing economic, environmental, and social needs.
About C3Nano, Inc.
Founded in 2010 as a spinout from Professor Zhenan Bao’s chemical engineering laboratory at Stanford University, C3Nano is the developer of the solution-based, transparent conductive inks and films as direct replacements for indium tin oxide (ITO). C3Nano is headquartered in Silicon Valley with an industry leading manufacturing base in South Korea, and sales and technical support in China and Taiwan. Visit www.c3nano.com for more information.