C3Nano Inc., a provider of transparent conductive inks and films for the touch sensor and display industry, announced on Wednesday that it has closed a US$15 million series D equity financing round led by GSR Ventures, new investors Nissha Printing Co., Ltd. and Xinjiang Guoli Minsheng Equity Investment Co., Ltd.
“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,” said Daisuke Inoue, the Executive Vice President at Nissha.
Other investors which participated in the round are Phoenix Venture Partners, and several undisclosed investors, including a leading Silicon Valley technology company. Following the series C financing led by Hitachi Chemical and Nagase America in 2014, the new round brings C3Nano’s total equity financing to US$37 million since its inception.
Founded in 2010 as a spin-out from Professor Zhenan Bao’s chemical engineering laboratory at Stamford University, C3Nano is the developer of solution-based, transparent conductive inks and films as direct replacements for indium tin oxide. It is headquartered in Silicon Valley with a manufacturing base in South Korea and a sales and technical support in China and Taiwan.
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.”
With the latest capital, C3Nano plans to construct its manufacturing operations in China and increase its capacity in South Korea to support its sales growth, in addition to funding new technology development and innovation at its headquarters in Hayward, California. The manufacturing scale up will strengthen C3Nano’s presence in Asia and provide expanded technical and business support to its global customer base.
Commenting on the fundraising, C3Nano Cliff Morris said, “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.”
By Vivian Foo, Next Unicorn