Investors inject $1.5M into InMat

April 17, 2003 — InMat Inc., a Hillsborough, N.J., developer of nanocomposite coatings, received a $1.5 million first round of venture financing, according to Harris Goldberg, president and chief executive. The round was led by Pangaea Ventures. NGEN Partners and DSM Venturing also participated.

 

InMat, a seven-employee firm founded in 1999, will use the funds for product development and market penetration. The company previously received funding from its founders, angel investors, the New Jersey Commission on Science and Technology and the New Jersey Economic Development Authority.

 

The company is still holding the round open for up to half a million dollars in additional investment, according to Goldberg, who anticipates that the company will not need further financing until 2005.

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