News / Press Releases
RNT Secures $800,000 in Bridge Financing from Toucan Capital, SAS Investors and Maryland DBED
Hunt Valley, MD – September 11, 2003
RNT, a provider of high-tech products and solutions for component joining, has secured an $800,000 bridge round of funding from original first round investors Toucan Capital Corp., SAS Investors and the Maryland Department of Business and Economic Development (DBED). The company plans to use the funds in the initial launch of commercial product.
"RNT has proven that its joining technology fills a real void in a number of markets and will be a key factor in opening the doors for numerous product innovations held back by existing joining processes," noted Robert F. Hemphill, Jr., Toucan Capital Corp. Managing Director. "This bridge round of financing will continue RNT’s accelerated pace towards commercial availability of product."
RNT’s new technology, expected to be commercially available early next year, enables rapid joining of similar and dissimilar materials without incurring thermal damage. This technology increases productivity, reduces costs and enables product innovations while overcoming existing technical limitations and promoting the use of lead-free solders. The company will use the bridge round of financing to fund critical product and production personnel and complete set up of manufacturing and distribution operations key for the company’s planned launch of product.
"As RNT readies product for commercial rollout, this money will allow the company to shore up necessary staff and critical operations for distribution," said George Abraham, SAS Investors partner and RNT board member.
The company is currently developing joining and component mounting technologies for the microelectronics industry. RNT is also testing and developing solutions for other applications and industries such as metal-to-metal and metal-to-ceramic joining for aerospace, defense and other industry applications.
"Our investment in technology and technology-based companies is one reason that Maryland is a model for other states working to create and develop their technology industry sectors," added Aris Melissaratos, Maryland Secretary of Business and Economic Development. "By nurturing and supporting successful companies like RNT, we are ensuring that Maryland’s technology companies continue to grow, and that new, critical technology makes it to the marketplace."
About RNT
RNT has developed methods of soldering microelectronic devices and other components at room temperature without the use of a furnace or a torch. The NanoFoilTM product acts as a local heat source provides exactly the amount of energy needed to melt any solder or braze and join the components without heating the components themselves. This offers manufacturers the ability to decrease costs, increase productivity and enable product innovation, with or without the use of lead-based solders. Current microelectronic applications include replacing current greases, pads, and adhesives with a more conductive solder interface. These solutions also provide advances in microelectronic component mounting and other industries requiring the joining of large and small-scale ceramics and metals, such as defense and aerospace.
About Toucan Capital Corp.
Toucan Capital Corp. is an early stage venture fund, formed in 1998, which specializes in seed and first round financing for start-up companies. Toucan Capital’s investments usually range between $100,000 and $5 million per transaction. Toucan Capital specializes in very early stage investment opportunities, with particular interest in working with inventors, researchers, scientists and first-time entrepreneurs at the very beginning of their efforts to commercialize an invention or technology. For more information please visit www.toucancapital.com.
About SAS Investors
SAS Investors (formerly known as "Silicon Alley Seed Investors") facilitates the creation and growth of seed- and early-stage core technology companies in the Mid-Atlantic and Northeast regions. Located in New York City and backed by Canaan Partners, Rho Capital Partners and Sevin Rosen Funds, SAS Investors targets companies that provide solutions based on technology emerging out of tech transfer centers, universities, and/or corporate labs in which a subject matter expert has developed unique IP that is particularly relevant to industry pain points. The Fund’s activities include venture investing, building and accelerating new businesses, and growing entrepreneurs and their concepts into solvent, scalable companies. For more information please visit www.sasinvestors.com.
About Maryland DBED
Maryland DBED's mission is to attract new businesses, stimulate private investment and create jobs, encourage the expansion and retention of existing companies and provide businesses in Maryland with workforce training and financial assistance. The department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development, international trade and tourism. Because they are a major economic generator, the department also supports the arts, film production, sports and other special events. For more information please visit www.ChooseMaryland.org.
RNT Contact:
Caroline Worrall: 410-771-9801
cworrall@RNTfoil.com
Reactive NanoTechnologies, Inc.
- Address
- 111 Lake Front Dr.
- Hunt Valley, MD 21030
- Contact Info
- Phone: 410-771-9801
- Fax: 410-771-0586