NanoMech, a Springdale, Ark.-based nano-engineered and nano-manufactured product development company, secured $10m in Series C funding round.
Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabia’s national oil company, made the investment.
The company intends to use the funds to accelerate manufacturing, sales and product development initiatives.
Led by Chairman and CEO Jim Phillips, and CTO and Founder Dr. Ajay P. Malshe, NanoMech uses nanotechnology to develop advanced products for industrial and mechanical applications – such as lubricants, coatings and specialty chemicals. The company serves customers in multiple industries such as energy, transportation, aerospace, manufacturing, automotive, agricultural equipment and military.