Nanotech Industrial Solutions (NIS), a US-based lubricant additives supplier based on research at Weizmann Institute of Science, 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 chemicals supplier 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 oil or grease which make use of a compound called tungsten disulphide as a performance-enhancing ingredient.

The company licensed the technique from Weizmann Institute of Science, where it was developed by Reshef Tenne, a professor in the Department of Materials and Interfaces.

Eugene Kverel, president and chief executive of NIS, said: “Today’s announcement marks a key milestone in NIS’s journey to take cutting edge nanotechnology into the specialty chemicals and lubricant additives industry.

“Over the last few years we have proven to industry the unique properties of our technology. There is growing pressure on the market to switch over to the new standard of performance developed by NIS.”

– A version of this article first appeared on our sister site, Global Corporate Venturing.

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 oil or grease which make use of a compound called tungsten disulphide as a performance-enhancing ingredient.

The company licensed the technique from Israeli public research university Weizmann Institute of Science, where it was developed by Reshef Tenne, a professor in Weizmann’s Department of Materials and Interfaces.

Eugene Kverel, president and chief executive of NIS, said: “Today’s announcement marks a key milestone in NIS’s journey to take cutting edge nanotechnology into the specialty chemicals and lubricant additives industry.

“Over the last few years we have proven to industry the unique properties of our technology. There is growing pressure on the market to switch over to the new standard of performance developed by NIS.”