Avi Blizovsky
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The start-up company NanoMaterials, which is a subsidiary of the American Applied Nanomaterials, announced that the Newton Technology VC Fund decided to exercise an option for an additional investment of one million dollars in the company in November 2002. Newton Technology VC Fund already invested one million dollars in April 2002. Newton Technology is represented in Europe and Israel by the investment company Accelerate Technology and Business.
Dr. Menachem Ganot, CEO of NanoMaterials, stated that the money will be used to accelerate the development of the company's products and to accelerate business development activities.
In addition, NanoMaterials announced that it is starting to raise an additional 5 million dollars. The money will be used to establish an industrial production facility and further expand business development activities.
NanoMaterials transfers to commercial lines a revolutionary scientific discovery of ball-like nanoparticles, made of inorganic materials, discovered at the Weizmann Institute. The company has already announced NanoLub, the world's first solid lubricant based on nanotechnology. Future products will include nanodevices and nanomaterials for microelectronics, testing and manufacturing of semiconductors, aerospace and medical applications.
Aharon Feuerstein, Chairman and CFO of NanoMaterials, said that Newton Technology decided to bring forward the exercise of the option by 6 months following the large-scale international interest in NanoLub from leading manufacturers of lubricants and additives for lubricants. Dr. Menachem Ganot, CEO of the company He added that "the company has received requests for collaborations and has already started conducting experiments with potential customers. The experiments clearly demonstrated the ability to significantly reduce friction and wear inherent in NanoLub."
Dr. Niles Fleischer, Vice President of NanoMaterials for Business Development, stated that experiments conducted at the Technion and completed this month clearly demonstrated that adding a small amount of NanoLub to normal transmission oil significantly reduces friction and wear and extends the lifespan of moving parts in heavy equipment by over 100%.
Applied NanoMaterials (www.apnano.com) is a private company incorporated in the USA in 2002. The company received from "Yeda Research and Development Ltd.", the commercial arm of the Weizmann Institute, an exclusive license to manufacture, transfer to commercial lines and sell the nanomaterials The new technologies. The shareholders of Applied NanoMaterials are the venture capital fund Newton Technology Ventures, Yeda Research and Development Ltd. - the commercial arm of the Weizmann Institute, and AYYT Technological Applications and Date Update - the commercial arm of the Technological Academic Institute in Holon and private investors. The company's headquarters are in New York and the research and development center - Nanomaterials Ltd. - is located near the Weizmann Institute in Rehovot.
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