Naco raised €1.5 million in a funding round backed by London-based Untitled Ventures.

Naco, a Riga, Latvia-based material producer startup, announced securing a funding round closed at €1.5 million ($1.6M).

The money was raised from investors including the London-based Untitled Ventures and the Buildit Accelerator. The proceeds will be used for building a manufacturing station to provide its clients with ready-to-use coated parts.

Naco, founded in 2009 by Alexander Parfinovich, Eduard Parfinovich and Valery Mitin, develops, manufactures, and supplies nano coating technologies. Products include oil-enhanced, wear-protective, thermalbarrier, and liquid-repellent coatings - a range of high-performance multilayer and multicomponent coatings for equipment used in the tooling, automotive, aerospace, and micro-chip industries