N12 Technologies Inc., the nanotechnology start-up, closed on a financing totaling over $23 million.
The funding came from a “group of highly respected investors” although they weren’t identified. The investment will be used to build what the company claims will be the world's first and only industrial-scale, continuous production of vertically aligned carbon nanotubes (VACNTs). The VACNTs will be used to create N12's NanoStitch, which significantly increases interlaminar strength of composite materials. The company says Nanostitch improves shear properties of carbon-fiber and other composite materials by 10 to 40 percent and lengthens fatigue life 100 fold.
“Almost all major bike manufacturers and sporting goods manufacturers are close to closing testing programs (with the company),” Brad Berkson, the company's CEO, said in an interview with Upstart Business Journal.
N12 Technologies, based in Cambridge, MA, has raised about $40 million since its founding in 2012.
