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Lube-to-semi materials startup raises $5 million, says report
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Silicon Strategies


LONDON — ApNano Materials Inc. (New York) provider of nanotechnology-based lubricants and semiconductors, has raised $5 million in its second round of financing from European private investors, according to a Globes Online report. The company is negotiating additional investment of $1 million, which will complete the second round of financing to a total of $6 million, at a post-money valuation of $22 million, the report said.

The report quoted ApNano Materials chairman Aharon Feuerstein saying that the money would be used to construct a pilot a semi-industrial manufacturing plant, capable of producing 150-kg per day of ApNano's first product " NanoLub.

The company is planning on going public to raise money to establish the plant, during 2006."

Founded in 2002, ApNano Materials commercializes nano-spheres and nanotubes of inorganic compounds that were discovered at the Weizmann Institute of Science.

The company plans to manufacture inorganic nanotubes for advanced products which might be used to replace silicon, the report said. Potential applications including semiconductor devices, sensors, biosensors, and nano-motors.

The company is based in New York, but has its engineering subsidiary, NanoMaterials Ltd., in Rehovot, Israel.






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