NevadaNano Raises $18 Million in Series B Funding Led by Ray Stata
NevadaNano, developer of Molecular Property SpectrometerTM (MPSTM) gas sensing solutions, today announced it has closed $18 million in Series B funding led by Ray Stata, Chairman of Analog Devices with participation from several existing investors. Previously, NevadaNano raised $1.5 million in Series A financing. NevadaNano will use the new funds to accelerate market launch of the company’s unique gas-sensing products.
NevadaNano’s MPS gas sensors deliver solutions for urgent gas detection challenges in industrial safety, indoor air quality, industrial process control, outdoor air quality and other markets. The company’s unique technology combines multiple MEMS sensors, environmental sensors and sophisticated algorithms to accurately identify and quantify a wide range of gases. First MPS products, which leverage technologies licensed from the University of Nevada, Reno, are sampling to select customers.
Adoption of gas sensing in IoT (Internet of Things) networks has been constrained by the limitations of current sensors. The MPS sensors combination of high sensitivity, accurate identification, low power and small size are ideal for ubiquitous monitoring and tracking of hazardous gases where we work, in our homes and when we move about.
“Gas sensing for IoT networks is a multi-billion dollar market waiting for a solution,” said Ray Stata, Chairman of Analog Devices, Inc. “The need for better sensors that can be distributed in our homes, offices and outdoors to monitor our exposure to hazardous gases and enable us to take action to protect our health is a worldwide problem. NevadaNano’s sensor technology is perfectly targeted to take on these challenges and deliver life-saving gas sensing solutions.”
“NevadaNano overcomes the current challenges to accurately detecting hazardous conditions in industry and in our homes and offices,” said Ralph Whitten, President of NevadaNano. “Our MPS gas sensors deliver precision and accuracy in a package designed for the Internet of Things. We’re excited to be bringing Digital Scent to the Internet.”
NevadaNano is the developer of the Molecular Property Spectrometer gas sensing products that use Micro-Electro-Mechanical Systems (MEMS) structures to detect, identify, and quantify chemicals in the air. MPS gas sensors bring Digital Scent to the Internet and provide information about the air we breathe for safer work places, healthier homes, and a better environment.