BRISTOL, England -- NanoMagnetics Ltd., a seven-year old company that manufactures nanometer-scale magnetic particles within hollow protein spheres, has received additional funding of £1.1 million (about $2.0 million), the company said Thursday (March 4, 2004).
Venture capital company Prelude Trust plc has invested a further £360,000 (about $650,000) as part of the round, which takes Prelude's total investment in the company to £1.6 million (about $2.9 million), representing a 22 percent shareholding, the company said.
Founded in 1997 by Eric Mayes, the company's chief executive officer, NanoMagnetics designs and licenses its nanometer-scale magnetic materials for applications in the data storage, medical imaging and other industries.
The so-called 'DataInk' material uses proteins as a template for the manufacture of magnetic particles. The material is being evaluated for applications flexible media storage products the latest financing round would be used to enable further development, NanoMagnetics said in a statement.
"The materials developed by NanoMagnetics offer the storage industry a way of overcoming present thin film and magnetic powder limitations leading the way to higher capacity hard disc and flexible media products for consumer products ranging from PCs and mobile phones to digital still cameras and camcorders," said Alan Duncan, a director of Prelude and chairman of NanoMagnetics, in the same statement. "NanoMagnetics unique DataInk material is now being evaluated by the storage industry and I expect the company to start generating revenues this year."
Mayes said the DataInk technology would allow consumer electronics manufacturers to integrate a DVD capacity, rewritable, removable storage product in a form factor no larger than a matchbook at a lower cost than any other technology including flash memory and magnetic tape.