ISTC-Supported Start-up Receives 100,000 EUR from EU
An ISTC initiative to market Russian technologies led to its first results as the European Investment Fund injected 100,000 EUR in a Latvian/Russian joint venture. The investment recipient is SIA “Naco Technologies”, based in Riga, commercializing innovative nano-coating technology developed at the TRINITI Research Center in Moscow region.
The technology stems from ISTC project #2968 that developed novel diamond based coating. ISTC provided 350,000$ between 2005 and 2009 to bring the product close to commercialization stage. ISTC then identified entrepreneurs that could jointly market the product with the Russian institute TRINITI. The European Investment Fund validated the new company’s business plan by providing a 100,000 EUR investment.
Toby Moore, Managing Partner of Imprimatur Capital Fund Management in Latvia stated “The company demonstrates real potential of technology transfer on an international scale and it is led by a skilled and enthusiastic team. Naco Technologies has an innovative technology with strong competitive advantages addressing a variety of global industries.”
The patented innovation enables nano-coatings on a variety of target materials, with coatings that are harder and thinner than existing technologies and with a shorter coating process. This will result in reduced friction fatigue in equipment used in global industry sectors such as machinery and engineering, aerospace, oil and gas and others.