Nanotech: it's about to get big -- well, figuratively speaking anyway. California-based Nanosys, who has worked to apply little tech to everything from flash memory to LED-backlit displays, is now applying it to solve a new problem: cash flow. Through a partnership with Samsung, Nanosys will receive "funding and resources" plus a $15 million equity investment while Samsung will presumably get first dibs to produce the fruits of this partnership. The press release, embedded below, specifically mentions applying research to develop better solar tech, but also indicates a hope to improve "electronics" in general, opening the door for just about anything. We're going to go ahead and hope for nanotech foot massaging running shoes, but feel free to lodge your own requests in the comments section below.
Nanosys and Samsung Electronics Announce Strategic Alliance to Accelerate Commercial Applications of Nano-Architected Materials for the Electronics and Solar Markets
Samsung to Fund Co-Development of Industry-Leading High-Efficiency Thin Film Materials
Deal Includes License Rights to Nanosys' World Leading Intellectual Property Portfolio for Nano-Architected Materials
Palo Alto, Calif., August 10, 2010 – Nanosys, Inc., an advanced materials architect, and Samsung Electronics Co., Ltd., a global leader in semiconductor, telecommunication, and digital technologies, today announced a strategic alliance and licensing arrangement to accelerate the development of commercial applications of nano-architected materials for the electronics and thin film solar markets. Under the terms of the deal, Samsung Electronics will contribute funding and resources to co-develop products using Nanosys technologies, in addition to $15 million equity investment from the affiliated Samsung Venture Investment Corporation.
"We believe that working closely with Nanosys will help us to develop exciting new products for our customers that will address needs in the world's largest markets across a number of technologies," said Seungho Ahn, Senior Vice President of the Intellectual Property Center, Samsung Electronics.
"Samsung is a clear leader in the electronics and solar sectors," said Jason Hartlove, CEO of Nanosys. "Not only does Samsung bring deep knowledge of solar, memory and display technologies and markets, they bring tremendous experience in scaling up new technologies, which will help us accelerate the development, production and market introduction of devices enabled by our nano-architected materials." Samsung's equity investment will come from Samsung Venture Investment Corporation, with at least an additional $10 million in total from previous venture capital investors including Arch Venture Partners, El Dorado Ventures, Polaris Venture Capital and Venrock.
With this arrangement, Samsung and Nanosys will work together to create a new generation of cost effective, higher-efficiency products in the fields of solar, LED, memory, semiconductor, and display.
About Samsung Electronics
Samsung Electronics Co., Ltd. is a global leader in semiconductor, telecommunication, digital media and digital convergence technologies with 2009 consolidated sales of US$116.8 billion. Employing approximately 188,000 people in 185 offices across 65 countries, the company consists of eight independently operated business units: Visual Display, Mobile Communications, Telecommunication Systems, Digital Appliances, IT Solutions, Digital Imaging, Semiconductor and LCD. Recognized as one of the fastest growing global brands, Samsung Electronics is a leading producer of digital TVs, memory chips, mobile phones and TFT-LCDs. For more information, please visit www.samsung.com.
About Samsung Venture Investment Corporation
Samsung Venture Investment Corporation manages investment and investment-related activities for Samsung affiliate companies. The investment mandate for Samsung Venture Investment Corporation tracks closely to the strategic priorities of Samsung Electronics' and other affiliate companies' core operating divisions, and encompasses investments in semiconductors, displays, telecommunications, and consumer electronics.
About Nanosys, Inc.
Nanosys, Inc. is an advanced material architect, harnessing the fundamental properties of inorganic materials into process ready systems that can integrate into existing manufacturing to produce vastly superior products in lighting, electronic displays, solar power and energy storage. For more information, visit www.nanosysinc.com.