Applied Nano Surfaces, a Uppsala, Sweden-based company that has developed a new method for creating low-friction anti-wear coatings, has completed a €1.3m fundraising.
New round was led by new investor Fouriertransform AB, with participation from existing investors the Sixth AP Fund, Första Entreprenörsfonden and Attentus Göteborg.
The financing also includes a term loan from the Swedish Energy Agency.
The company intends to use the capital to continue its expansion into new markets and in more application areas.
Founded in 2008 and led by CEO Mattias Karls, Applied Nano Surfaces has developed a surface treatment technology that enables various types of manufacturing companies to cost efficiently create durable coatings with extremely low friction.
The company’s method, based on reseach done at the Uppsala University between 2000-2006, allows steel and cast iron components to be coated with a thin nano-composite layer. It can be applied to improve energy-efficiency in those application areas where friction-related energy losses are significant, e.g. in internal combustion engines, bearings, compressors, pumps, etc.