Apr 21 2004
Oxonica Limited, a major player in the exciting new area of applied nanomaterials has successfully raised £4 million ($7 million) in its latest round of investment.
Dr Kevin Matthews, Oxonica's CEO, commented on the fundraising: "Oxonica has supportive investors who recognise that the Company has established itself with substantial and near term commercial opportunities. The funds were raised from both Institutional and Individual shareholders. The investment money raised in 2002 has been successfully deployed in developing products and securing pathfinder revenues. The new money will be invested in the Company's sales and marketing activities, which is expected to include the development of major commercial partnerships. The venture capital firms investing in this round were VCF Partners, BASF Venture Capital GmbH, Generics Asset Management Ltd of The Generics Group and Quester."
Oxonica is focussed on delivering tailor-made solutions to customer needs with a portfolio of nanomaterial based new products. Oxonica has strong platform technologies from which to commercialise products initially in the fuel catalyst and cosmetics sectors.
Bernard Fairman, Managing Partner at VCF which represents Foresight Technology VCT and TriVest VCT and took the co-ordinating lead for the investment, commented: "Oxonica has started to secure customer interest as exemplified by the commercial trial with Stagecoach UK and we are fully supportive of the company gearing up its commercial activity to secure revenues and a sustainable market position in the sectors it is targeting."
"We are very pleased with our investment in Oxonica and the progress that the company has made", says Dr. Beate Ehle, Technical Managing Director at BASF Venture Capital GmbH. "Oxonica has a number of exciting opportunities that are global in nature and we are using BASF's expertise to help the company deliver on these."
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