NevadaNano Raises $18 Million in Series B Funding Led by Ray Stata

NevadaNano, developer of the MPS LEL gas sensor, announced it has closed $18 million in Series B funding. This was led by Ray Stata, Chairman of Analog Devices, with participation from several existing investors. Previously, NevadaNano raised $1.5 million in Series A financing. So now NevadaNano will use the new funds to accelerate market launch of the company’s unique gas-sensing products.

LEL Gas Sensor

NevadaNano’s LEL gas sensor delivers solutions for urgent gas detection challenges. The sensors will be beneficial for 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. We can accurately identify and quantify a wide range of gases because of the combination of sensors. The first MPS products, which leveraged technologies licensed from the University of Nevada, Reno, are being further sampled by select customers.

The limitations of current sensors constrains the adoption of gas sensing in IoT (Internet of Things) networks. Ubiquitous monitoring is possible because of the high sensitivity, accurate identification, low power, and small size of the sensors.  Tracking of hazardous gases will be useful for 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.”

About NevadaNano’s MPS Gas Sensor

NevadaNano is the developer of the Molecular Property Spectrometer gas sensing products. These sensors use Micro-Electro-Mechanical Systems (MEMS) structures to detect, identify, and quantify chemicals in the air. As a result, MPS gas sensors now bring Digital Scent to the Internet. The air we breathe in the work place, our homes, and the overall environment will less likely damage our health with this new technology. Learn more about NevadaNano here.

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