Chinese funding supports C3Nano manufacturing move

February 26, 2017 //By Peter Clarke
Chinese funding supports C3Nano manufacturing move
C3Nano Inc., a Silicon Valley startup developing nanomaterial conductive inks and films to replace indium tin oxide for use in displays and flexible circuits, has said it will use equity funding to build manufacturing operations in China and to increase its ability to sell in South Korea.

C3Nano (Hayward, Calif.) announced it has closed a $15 million Series D round of equity funding; with new investors Japan's Nissha Printing Co. Ltd. and China's Xinjiang Guoli Equity Investment Co. Ltd. joining existing investor GSR Ventures in the round. Other investors included Phoenix Venture Partners and several undisclosed investors, including an unnamed "leading" Silicon Valley technology company.

Following on from a Series C led by Hitachi Chemical and Nagase America, the latest round brings C3Nano's equity financing to $37 million, since the company's founding in 2010.

The money will also pay for more technology development at its US headquarters, the company said while the planned manufacturing base in China will strengthen C3Nano's presence in Asia and its ability to support global customers.

"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," said Cliff Morris, CEO of C3Nano, in a statement.

"We're excited to establish a strong position in the flexible sensor market with C3Nano's technology," said Daisuke Inoue, executive vice president at Nissha, in the same statement.

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."

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