Evonik-backed lubricant additive producer Nanotech Industrial Solutions received the funding in a round led by EcoMachines Ventures.
Nanotech Industrial Solutions (NIS), a US-based lubricant additives supplier backed by chemicals producer Evonik Industries, closed a $12m growth equity round on Wednesday led by venture capital firm EcoMachines Ventures.
The round included unnamed existing and new investors and followed an undisclosed amount of funding from Evonik’s corporate venturing arm, Evonik Venture Capital, in January 2017. NIS had previously received up to $160,000 for participating in EcoMachines’ incubator.
NIS supplies additives for industrial and automotive lubricants such as engine…
