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Case Study
Marine Systems Technology view
Nano ePrint secures major support
30th November 2009
MTI & NWDA boosts Manchester hi-tech spin-out
Nano ePrint Ltd, a North West company pioneering planar nano-electronics, has announced the capture of two major new sources of financial support.
The company, a spin out from the University of Manchester, has finalised an equity funding round of £350k from lead investor MTI, and also secured a £230K Grant for Research and Development from the Northwest Regional Development Agency (NWDA).
Grant for Research and Development, is part of Solutions for Business, the Government's package of publicly funded business support designed to help companies start and grow. It is funded by the European Regional Development Fund (ERDF) (see notes to editors for more information).
The injection of fresh capital will provide the funds to further develop Nano ePrint's unique printed programmable logic architecture, and complements other venture investment and grant funding raised by the company to commercialise its innovative approach to printed electronics.
MTI's investment has been made via the UMIP Premier Fund, designed to accelerate the growth of businesses emerging from The University of Manchester's 5-star rated academic departments.
Formed in 2006, Nano ePrint's patented technology dramatically simplifies the printing of integrated circuits, bringing closer to reality the promise of transparent, flexible, ubiquitous electronics.
As well as dramatically simplifying manufacture, Nano ePrint's nano-scale devices achieve over 10 times the performance, and over 100 times the density of conventional printed electronics.
Nano ePrint has also developed the world's first printed programmable logic devices that allow the low-cost, high-volume manufacture of a generic circuit design, which can then be customised as required.
Scott White, Chief Executive Officer of Nano ePrint, commented: "This exceptional grant highlights the huge market potential of our printed programmable logic architecture. We are grateful for the support of MTI and the NWDA in further developing this groundbreaking technology."
Ernie Richardson, Managing Partner of MTI, and a non-executive director on the Board of Nano ePrint said: "This is an excellent example of the kind of investment that the UPF fund is focused on; world class research from the University of Manchester, combined with input from serial technology entrepreneur Scott White, to create a company with mould breaking potential.
"We are delighted; through making this grant award the NWDA has recognised the major potential of Nano ePrint."
Mark Hughes, Executive Director of Economic Development, NWDA said: "The NWDA Grant for Research and Development is another example of the Agency's commitment to developing the very best technologies in the region.
Mark continues: "We recognise that the technology developed by Nano ePrint at The University of Manchester has world beating potential. Our aim is to take that potential to the next stage by helping the company develop initial prototypes."
The NWDA is playing a crucial role in response to the current economic downturn, with a number of actions being taken to meet the needs of businesses during these financially challenging times.
-Ends-
For more information on this press release or anything related please contact David Innes-Edwards on 07939 137 098, or email david@frontierpr.co.uk .
Notes to Editors:
About MTI
MTI is a leader in the field of technology venture capital, and one
of the most successful and experienced technology fund managers in
the UK. MTI has a sustained performance record across more than two
decades and five venture funds. MTI's latest fund, The UMIP
Premier Fund, is Europe's largest institutional fund to have a
single university focus and works in partnership with the
University of Manchester. (www.mtifirms.com)
About Nano ePrint
Nano ePrint was formed in 2006 following pioneering research at the
University of Manchester in the UK. Nano ePrint's technology
enables planar nanoelectronic circuits that can uniquely be
fabricated in a single layer of semiconductor via single-step
patterning. Nano ePrint's devices achieve very high speeds
while dramatically reducing circuit size and simplifying
manufacture.
(www.nanoeprint.co.uk)
Grant for Research and Development
The Grant for Research and Development helps entrepreneurs and
business owners introduce innovative products and processes,
including research trials and product testing. It is designed
specifically to support innovative projects that have solid
commercial potential.
Grant for Research and Development is funded by the European
Regional Development Fund (ERDF) with £1.1 million, together
with £1.2 million from the Northwest Regional Development
Agency (NWDA).
http://www.erdfnw.co.uk/
The Northwest Regional Development Agency (NWDA)
The NWDA is supporting businesses and prioritising investments to
ensure that the Northwest is in a strong position to respond to the
current economic climate.
Initiatives include:
• The launch of a £10m High Growth business support
programme
• A new £4m Innovation Voucher Scheme to help 1,000
businesses work with our knowledge base
• Dedicated Access to Finance support within Business Link
Northwest - now available
• £140m Venture Capital Loan Fund (VCLF) - to be
launched in 2009
• £40m package of support to stimulate investment in
priority skills development - to commence in 2009
• 10 day prompt-payment pledge to our suppliers to help with
cash-flow
For more information, see www.nwda.co.uk/busines
About The UMIP Premier Fund ("UPF")
UPF invests in businesses emerging from The University of
Manchester's "5-star" rated academic departments. The
University's technology transfer company, UMIP, undertakes the
stringent business selection of the investments and the fund is
managed by the UK's leading technology investment manager, MTI
Partners.
The Fund will primarily make late-seed stage investments, in a
total of 15 - 20 companies, initially in the £250k -
£750k range, with both the intention and capacity to provide
follow-on investment up to £3m.
The UMIP Premier Fund is supported by the European Union through
the
"Competitiveness and Innovation Framework Programme"
("CIP").
