UK - Octopus invests £1.75m into Surrey NanoSystems

frannie
25 August 2009

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Venture firm Octopus Ventures has invested close to £2m into semiconductor business Surrey NanoSystems in return for a significant minority stake in the business. The financing was provided by the Octopus Titan 1, 2 and 3 VCTs, Eureka EIS, and the Octopus Investor Group.

Surrey NanoSystems was established in 2006 in partnership with the University of Surrey's Advanced Technology Institute. The company develops equipment and processes for growing carbon nanotubes at temperatures as low as 350°C, half the temperature usually required, thus widening the scope of applications for the technology.

The company's client portfolio includes a number of blue chip companies and institutions in both the US and UK, among which are General Motors, FormFactor, Georgia Institute of Technology and Cambridge University. Additionally, the company works closely with a variety of organisations in Australia, China, Germany, Italy, Poland, Romania, and Singapore.

The capital will be allow Surrey NanoSystems to develop new and strengthen existing partnerships with established semiconductor chip manufacturers, and jointly develop commercial scale versions of their low temperature growth technology.