RNT Secures Additional $14.3M in Series C Financing
June 13, 2007 08:10 AM US Eastern Timezone
Siemens Venture Capital and existing investor, Sevin Rosen Funds, lead round.HUNT VALLEY, Md.--(BUSINESS WIRE)--Reactive NanoTechnologies, Inc. (RNT), developer and manufacturer of its patented NanoFoil®, today announced it has secured $14.3M in a Series C round of financing led by Siemens Venture Capital and existing investor, Sevin Rosen Funds.
NanoFoil, a reactive nano-layered material that precisely controls the instantaneous release of heat energy for joining and reaction initiation applications, enables rapid joining of similar and dissimilar materials without incurring thermal damage. The company will use the funds to expand global sales, marketing and distribution, and for ongoing applications engineering and development.
“RNT's platform technology provides an easy-to-use and cost efficient solution to challenging requirements in an almost unlimited range of joining and energetics applications," said Gerd Goette, Managing Partner at Siemens Venture Capital. "We are excited to work with the entire team and our co-investors to further accelerate RNT's rapid growth."
“RNT’s technology is simply unmatched in its ability to deliver solutions for a wide range of applications,” said Steve Dow, General Partner, Sevin Rosen Funds. “With a strong portfolio of initial customers, an established manufacturing capability, an experienced management team and a broad, exclusive intellectual property portfolio, RNT is positioned to grow into a significant company.”
“This is clearly a great win for RNT and a strong endorsement of our patented NanoFoil and NanoBond technologies” said Joe Grzyb, CEO of RNT. “We have identified and validated a total available market opportunity of over $3.2 billion in joining and energetic applications. The investments from Siemens Venture Capital, part of one of the world largest electronics and engineering companies, new investor Eastward Capital Partners, Series B leader Sevin Rosen Funds, as well as each of our other current investors will help ensure that RNT is able to take full advantage of the enormous opportunity before us. As members of the RNT Board of Directors, Gerd Goette and Steve Dow will contribute their years of experience in building successful businesses. Gerd will also help RNT develop new relationships with potential users of RNT’s technology both within Siemens and at other European companies.”
Additional support for this round came from new investor Eastward Capital Partners and existing investors, SAS Investors, Toucan Capital Corp., Silicon Valley BancVentures and the State of Maryland Department of Business and Economic Development.
Headquartered in Hunt Valley, Maryland, RNT was founded in 2001 by engineering veterans Timothy P. Weihs, Ph.D., who now serves as Chief Technical Officer, and Omar M. Knio, Ph.D., who is RNT’s Senior Vice President. The company develops and manufactures NanoFoil to precisely control the instantaneous release of heat energy for reaction initiation and joining applications that current technology cannot effectively or economically address. RNT has also developed its patented NanoBond joining process to ensure the benefits of NanoFoil are maximized.
Commercial distribution of NanoFoil for energetics and joining applications is taking place from RNT’s onsite manufacturing facilities. The company is utilizing its financial backing from a variety of sources to further develop applications and processes, and craft its patented technology for additional markets. RNT has also signed licensing agreements with a number of Fortune 500 Companies. Its breakthrough technology has earned several prestigious awards including the 2005 “R&D 100” from R&D Magazine, the 2005 Nano 50™ from NASA Nanotech Briefs Magazine and recognition in The National Nanotechnology Initiative Strategic Plan in December 2004.
For more information please visit www.rntfoil.com.
About Siemens Venture Capital
Siemens Venture Capital (SVC) is the corporate venture organization for Siemens AG, one of the largest global electronics and engineering companies, with reported worldwide sales of 87.3 billion euros in fiscal 2006. SVC's goal is to identify and fund investments in emerging and innovative technologies that will enhance the core business scope of Siemens, particularly in the focus areas of long-term growth markets such as Energy & Environmental Care, Automation & Control, Industrial & Public Infrastructure, and Health Care.
To date, we have invested over 700 million euros in more than 100 startup companies and 35 venture capital funds, making venture capital at Siemens an integral component of the Siemens innovation and growth strategy and supplementing its in-house research and development activities (5.7 billion euros and 50,000 R&D experts in 2006).
SVC is located in Germany (Munich), in the U.S. (San José, CA and Boston, MA), in China (Beijing and Shanghai), in India (Mumbai and Bangalore), and is active through Siemens´ regional unit in Israel. SVC is part of a greater network at Siemens whose mission is to drive technological innovation by supporting startup companies. In addition to Siemens Venture Capital, Siemens Technology Accelerator and Siemens Technology-To-Business Center also contribute to Siemens’ innovation strategy. Their individual mandates are defined according to financing stages and industry focus. More information can be found at: www.siemensventurecapital.com.
About Sevin Rosen Funds
Sevin Rosen Funds is a top-tier venture capital firm with a record of
funding successful companies since 1981. The SRF partnership has
consistently made early-stage investments in pioneering technologies and
companies with the potential to create new markets. The partners’
broad range of venture and operating experiences in successful
technology companies translates into a sustained commitment and
contribution to the development of the ventures funded. The firm has
offices in Dallas, Palo Alto and Austin. For more information, please