NanoSteel, a Providence, R.I.-based developer of nanostructured steel materials, closed a new equity investment round of undisclosed amount.
The round was led by GM Ventures with participation from new investors Lear Corporation (NYSE: LEA), an automotive seating systems and electrical systems supplier, and SPDG, a single family office based in Brussels, in addition to existing major shareholders.
Through the transaction, Lear will license NanoSteel’s products.
The company intends to use the funds for the commercialization of its advanced high strength sheet steel (AHSS) for automotive lightweighting applications.
Founded in 2002 and led by president and CEO David Paratore, NanoSteel is an advanced materials company specializing in the design and commercialization of patented steels with advanced mechanical properties. Current focus areas are sheet steel for automotive lightweighting applications and metal powders for 3D printing.