Case launches Cleveland NanoCrystals, first nanotechnology company
Company receives $50,000 seed investment from Case Technology Ventures
Case Western Reserve University today announced it has completed a license agreement with Cleveland NanoCrystals, Inc., a pre-seed stage company formed to commercialize a range of innovative nanomaterials developed at the university.
The university has also invested $50,000 in Cleveland NanoCrystals through its Case Technology Ventures (CTV) fund. Cleveland NanoCrystals was formed by Clemens Burda, assistant professor of chemistry in Case's College of Arts and Sciences; and Donna Richardson, former chief executive officer of NeuroControl Corporation.
The company is based on a wide range of nanomaterials developed by Burda, including materials with potential applications in light-emitting diodes, solar cells, environmental clean-up, and medical imaging, as well as in basic research.
"Starting a nanotechnology company has always been a dream of mine," said Burda. "There is much work ahead but I am looking forward to making Cleveland NanoCrystals a reality."
"Cleveland NanoCrystals represents a unique opportunity," said Nick Frollini, director of engineering and physical sciences in the Case Technology Transfer Office and CTV managing director. "The duo of Burda and Richardson combine deep technical expertise with business acumen and as a result, have been able to work with Case to launch this company in record time. We will be carefully monitoring the company's progress and hope to increase our investment later in the year."
Burda and Richardson met at Case's Research ShowCASE 2004 event in April and have worked with the university's Technology Transfer Office over the past three months to launch Cleveland NanoCrystals.
"We are excited about the potential to commercialize this innovative Case technology," said Richardson, who serves as the company's president. "The team at Case has been incredibly responsive and has positioned us to explore the opportunities for these novel and exciting nanomaterials."
The company represents the third investment by CTV, Case's pre-seed venture fund, and the first nanotechnology company launched by the university since it began a new program of technology transfer in 2001. The company will use the capital to further refine its business plan and identify additional market opportunities.
Casey Porto, associate vice president for technology transfer at Case added, "The launch of Cleveland NanoCrystals demonstrates our ongoing commitment to identifying and assisting the best commercial outlets for technology developed at Case, and is an excellent example of how events like Research ShowCASE can foster connections between Case and the business community."
Terms of the license agreement and the investment have not been disclosed.
About Case Western Reserve University
Case is among the nation's leading research institutions. Founded in 1826 and shaped by the unique merger of the Case Institute of Technology and Western Reserve University, Case is distinguished by its strengths in education, research, service, and experiential learning. Located in Cleveland, Case offers nationally recognized programs in the Arts and Sciences, Dental Medicine, Engineering, Law, Management, Medicine, Nursing, and Social Work. http://www.case.edu.