HZO, a Raleigh, N.C.-based provider of protective nanocoatings that safeguard electronics from corrosive and liquid environments, closed on $70m in financing.
The round, which brings the total capital raised by HZO to $225m, is comprised of:
– $40m of Series IV Preferred Stock, and
– $30m of new credit facilities provided by Cathay Bank for capital equipment and working capital.
The company intends to use the funds for:
– fast track market and market segment expansion,
– research and development investments, and
– next generation coating applications.
Led by Nelson C. Chan, executive chairman, and Simone Maraini, CEO, HZO delivers protective nanocoatings that safeguard electronics from the most demanding corrosive and liquid environments. The company leverages an extensive patent portfolio to create solutions to meet specific customer requirements in such industries as consumer electronics, IoT, medical device and automotive.