CHASM, a developer and manufacturer of advanced materials for printed electronics and battery applications, announced today the completion of an $11 million Series A financing round led by WAVE Equity Partners, a Boston based private equity firm that accelerates market validated companies that solve some of the world's greatest challenges in essential markets for energy, water, waste, and food; and NXT Ventures, a Boston-based early-stage venture firm that focuses on disruptive technologies.
CHASM will use these funds to expand production capabilities and continue the launch of new products, which are positioned to penetrate large existing markets.
Among the most compelling of CHASM's product lines is a transparent conductive film (TCF) material called "AgeNT", a hybrid of Carbon Nanotubes (CNTs) and Silver Nanowires (AgNWs). Uses of TCFs include touch screens for smart phones & tablets; transparent electrodes for a wide range of information displays; transparent touch sensors for small appliances & automotive interiors; transparent heaters for defogging windows; transparent electrodes for solar panels; transparent EMI shielding for industrial & medical devices. TCF materials is a multi-billion $ market that has been dominated for decades by Indium Tin Oxide (ITO). AgeNT is creating a new category (printed hybrid TCF) positioned to disrupt ITO by offering superior performance (hybrid TCFs are more conductive & more flexible), while reducing costs (circuit patterns can be created using commercial printing methods).
"CHASM has worked for more than ten years to establish best-in-class CNT manufacturing and distinguished capabilities in the areas of inks, coatings & printing technologies. The capital that WAVE & NXT have invested in CHASM, plus the business advice and contacts they bring to the table, helps position CHASM for significant growth. We could not be more excited about the prospects for success that now exist for not only CHASM, but also our customers and collaboration partners." states David Arthur, CHASM CEO & Co-Founder.
"WAVE is grateful to have the opportunity to work with the experienced leadership of CHASM. The Company's printed electronics platform is catalyzing human-to-machine and machine-to-machine interactions. Its technology will help our homes, factories, phones and cars become smarter, better connected, and safer. We especially like the fact that the products are not only functionally superior but also more affordable, durable and environmentally friendly. We expect the Company to be rapidly developing a sustainable global footprint within a couple of years." said Praveen Sahay, Managing Director of WAVE Equity Partners.
"NXT is super impressed with CHASM's CNT and printing technologies, which can revolutionize and disrupt several industries across printed electronics, battery materials, and more. We aim to connect CHASM with our vast contacts and resources across Asia to further accelerate the implementation and market adoption across all these key industries." said, Raymond Nobu Chang, Managing Director of NXT Ventures.
About CHASM - CHASM Advanced Materials develops and manufactures application-tailored products comprised of Carbon Nanotubes and other advanced materials, marketed under the Signis™ and AgeNT™ brand names. CHASM has its headquarters and applications development center in Canton, MA, plus its R&D Center and manufacturing plant in Norman, OK .
About WAVE Equity Partners – WAVE Equity Partners is a Boston based private equity firm that accelerates market validated companies solving some of the world's greatest challenges in essential markets for energy, water, waste, and food.
About NXT Ventures – NXT Ventures is an early-staged fund established for the purpose of discovering and enabling the next truly disruptive start-up companies. They focus on companies with potential to create cross-border synergies between the United States and Asia.