Cleantech materials startup Sub-One Technology Inc. has attracted $24 million in third-round funding, with the Nomura International division of Japanese banking firm Nomura Holdings Inc. leading the investment. Also participating were GE Energy Financial Services, Chevron Technology Ventures and Advanced Technology Ventures. The new money builds on at least $14 million from two prior rounds.
Pleasanton, Calif.-based Sub-One has developed a hard coating that lines the insides of metal and plastic pipelines, reducing corrosion and wear while improving flow performance. The technology is applicable in a variety of industrial and manufacturing sectors, but when I spoke with ATV's Wes Raffel in late 2006, when Sub-One raised its $7 million Series B round, he said the company would have to focus on a core industry rather than try to satisfy demand in all fields. The company resolved at the time to target the oil and gas industries first. It may have since expanded its goals, although it doesn't offer many details as to its market approach.
Check Tech Confidential later Thursday for the full story. - Paul Bonanos
See Feb. 20 press release from Sub-One
See October 2006 story from TheDeal.com
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