NanoSteel was founded in April 2003 with $3m from investment group Milicom Technologies, which also manages the US Army's OnPoint Technologies venture investment fund, as its first partnership with INEEL before raising $17m in October last year, according to a regulatory filing.

NanoSteel, a US-based maker of high-strength steel spun out of the Idaho National Environmental and Engineering Laboratory (INEEL), has raised $12m in its series C round from a consortium including US-listed car maker General Motors’ corporate venturing unit.

Alongside GM Ventures as lead investor in the C round were venture capital firms EnerTech Capital and Fairhaven Capital Partners and and five existing investors. NanoSteel’s website lists its previous backers as Chrysalix Energy Venture Capital, Cycad Group, EnerTech Capital, Ervin Industries, Fairhaven Capital Partners, Milicom Technologies and Octane Venture Partners.

NanoSteel was founded in April 2003 with $3m from investment group Milicom Technologies, which also manages the US Army’s OnPoint Technologies venture investment fund, as its first partnership with INEEL before raising $17m in October last year, according to a regulatory filing.

Jon Lauckner, president of GM Ventures and the car maker’s chief technology officer, said: "Over the next several years,…

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