nano-tek

"For months rumors have circulated around Nano-Tex - as well as Nanofilm, another start-up with products already on the market - concerning a possible IPO in the near future. The rumors faded somewhat after Nanosys last August pulled its IPO citing market conditions. Although Nano-Tex is mum on any plans, the company's new $35 million Series A round is certainly a big step in that possible direction. Nano-Tex makes nanotechnology-based textile treatments designed to improve the quality of everyday fabrics, and it plans to use the new funding for the development and marketing of its products. The start-up's CEO noted that this round is about "three to four times oversubscribed." Though he declined to provide a valuation, he said Nano-Tex is at "the high end of the range of what comparable companies are valued in the venture market." Having introduced its first product in 2000, Nano-Tex has licensed more than 80 textile mills worldwide to use its treatments in products sold by more than 100 apparel and interior furnishing brands, including Gap, Old Navy and Nike."

"Nano-Tex set out last summer to raise $25 million, but soon boosted the size of the fund to make room for sizable new investors alongside previous ones."

“We had so much interest that we didn’t need to hire an external fundraiser,� Mr. Tice said. “We had 21 interested parties and 11 investment bids—we were substantially oversubscribed.�

More on the round from Red Herring

[VentureWire Alert]