University of Missouri nanotech spin-out Nanova raises $1.5m for expansion project.
Nanotech spin-out Nanova Biomaterials has received $1.5m from the Missouri Department of Economic Development (DED) as part of an expansion package which will see the startup create 50 new jobs over the next five years.
The startup, which was launched earlier this year, is commercialising technology from the University of Missouri. In April, the company raised $6m from China-based venture firm SummitView Capital.
Nanova is developing dental, cardiovascular, and orthopaedic products using nanotechnology, such as a ‘plasma brush’ capable of disinfecting and cleaning cavities before fillings in less than 30 seconds.
Hao Li, president of Nanova, said: “Mid Missouri has been a great place to launch a tech startup. Missouri’s innovative economic toolkit has made the state a go-to place for startups, and being in close proximity to the University of Missouri, a prominent research institution, we’ve had access to extensive resources and world-class talent.”
Jim Gann, director of technology business development for the University of Missouri’s Small Business Technology and Development Centre, added: “In my role of supporting Dr Li and his team in the commercialization of MU technology, it has been an honour to work with a group that understands how people’s lives can be improved through science. Dr Li demonstrates a level of business knowledge uncommon for a scientist, and I am certain that with his leadership Nanova will grow to be a significant business within the state.”
