ANF Technology, a Tallinn, Estonia-based maker of an aluminum oxide nano fiber, raised about $10m in third round of funding.
Backers in the round – arranged by FPI Innovation Fund LP – included the venture capital division of a major family office.
The funding, which is divided into two tranches of €2m and €8m, provide the company with the resources to scale-up production levels and drive the introduction of its NAFEN™ to promising target business sectors globally.
The company’s aluminum oxide nano fiber NAFEN is currently tested by major industrial companies to determine its competitive advantage in materials and composites development, and how it can be used to boost application critical performance in extreme environments.
Potential applications include composite ceramics, metal-matrix composites, paints and coatings, fuel cells, polymer composites, catalysts, electronics, filtration, biomedicine, advanced abrasives, aviation and aerospace.