NanoSteel develops and commercializes patented nanostructured steels, with current focus on advanced high strength sheet steel (AHSS) for automotive lightweighting and metal powders for 3D printing. Its AHSS combines very high strength with the enhanced formability normally found only in low-strength mild steels, enabling designers to optimize part geometry and produce thinner, lighter components. The material also allows part producers to avoid costly production processes such as hot stamping. Commercial-scale qualification of NanoSteel AHSS began in North America in 2016. The company says it has shifted focus from technology development to product deployment with steel partners and automotive customers, and proceeds from the new equity investment will be used to commercialize AHSS for automotive lightweighting applications. NanoSteel was founded in 2002 and is based in Providence, R.I. NanoSteel develops proprietary nano-structured steel alloys and metal powders, with primary applications in automotive sheet-steel lightweighting and 3D printing of industrial parts. The company holds a broad intellectual property portfolio—over 400 patents filed or granted worldwide—covering metallic coatings, powders, and sheet steel. NanoSteel was founded as a spinoff of the U.S. Department of Energy's Idaho National Laboratory in 2002 and is privately held. It is funded by lead shareholders EnerTech, Fairhaven Capital, and GM Ventures. The company is focused on commercialization and achieving near-term commercial scale and product qualification milestones. NanoSteel used the financing to support general working capital needs as it scales its product offerings. NanoSteel, based in Providence, Rhode Island, designs structured steel materials and has created a new class of nano-structured advanced high-strength steel (AHSS). The company’s steel allows automotive engineers and designers to reduce vehicle weight by using thinner, higher-strength gauges while maintaining necessary structural integrity for safety. NanoSteel is led by president and CEO Dave Paratore. It has closed a Series C financing; the amount of the transaction was not disclosed. General Motors Ventures joined lead shareholders EnerTech Capital and Fairhaven Capital Partners alongside five existing investors in the round. The company intends to use the funding to accelerate the final phases of development of its nano-structured AHSS to economically lightweight vehicles.

Total raised

$10M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Jun 2015