BC Business
Nanotech Security | BCBusiness
A Burnaby-based company that uses nano science as a security feature announced it had raised $4.2 million in financing via a private placement.
Nanotech Security Corp. uses nanotechnology as an anti-counterfeiting tool for valuables such as banknotes, coins and even electronics. The nano-optic technology used in Nanotech’s security products was originally conceived in SFU’s 4D Labs on Burnaby Mountain, which leases its resources to fledgling startups.
CEO Doug Blakeway says Nanotech will use the extra cash to expand the development of its anti-counterfeiting technology for commercial use.
“Once the financing proceeds are released from escrow, we will use them to accelerate development and commercialization of our nanotechnology based optical imaging products for use in anti-counterfeiting systems for currency, documents and branded commercial products,” Blakeway said in a statement. “We were pleased by the tremendous interest we received from the financial community which sees the opportunities for us to revolutionize the anti-counterfeiting and brand protection marketplace.”
The company released news over the weekend that it originally secured $3.9 million, but has since upped the amount to $4.2 million.