FunzioNano raises $3M from SINTEF, Skagerak Maturo and Investinor

FunzioNano, a Herøya, Norway-based supplier of nano-sized hybrid polymers announced securing a NOK 24M ($3M) in capital investment.

The money comes from Investinor and Skagerak Maturo, which contributed with half while the rest was supplied by SINTEF, which incubated and spunoff the company.

In addition, Innovation Norway has also supported the project with a total of NOK 12 million through a non-refundable grant via the environmental technology scheme.

FunzioNano AS, led by CEO Morten Eikenes, is a spin-off company from SINTEF which developed a generic technology platform at SINTEF Materials and Chemistry, through various research projects for over 10 years. The company supplies industry with nano-sized hybrid polymers, which lift commodity materials to the next level. Main marked segments are water repellant coatings, fire retardant materials and gas barrier packaging.