Nanotech Security Corp. announced yesterday that it has raised $3.9 million by private placement.
Originating at Simon Fraser University 4D-Labs, Nanotech's versatile KolourOptik nanotechnology can be used to protect virtually anything including banknotes, coins, electronics and consumer goods from counterfeiting.
The proceeds from the placement are being held in escrow pending the completion of two patent-entity acquisitions, which were previously announced.
According to Nanotech CEO Doug Blakeway the financing proceeds will be used to "accelerate development and commercialization of their nanotechnology based optical imaging products for use in anti-counterfeiting systems for currency, documents and branded commercial products".
Mr. Blakeway added by way of press release, “"In addition to eliminating a significant royalty on product sales, the patent entity acquisitions will provide Nanotech with flexibility to develop applications for our nano-optic technology beyond security and anti-counterfeiting. Once the purchase is complete, we will have direct ownership of the principal nanotechnology patents, as well as additional related intellectual property, giving us increased IP breadth and security of title.”
Nanotech won the Most Promising Pre-Commercial Technology award at the 2013 BCTIA Technology Impact Awards.