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Home > Press > Venture Capital FPI Innovation Fund LP attracts €10 million co-investment into ANF Technology, the producer of NAFEN™ - Global profile of NAFEN™ expected to increase significantly - Major industrial companies currently testing NAFEN™ samples
|Alexander Timofeev, Managing Partner, FPI Innovation Fund LP.|
FPI Innovation Fund LP, ("FPI"), the seed and venture capital fund targeting high return investments in the scientific, engineering and entrepreneurial sectors, today announces it has attracted and arranged a co-investment of €10m into ANF Technology, the producer of NAFEN™. NAFEN™ is the first ever superior-grade aluminum oxide nano fiber to be produced at commercially viable industrial volumes.
FPI typically invests directly at the earliest stage in a company's development, when risks are higher but competition and required capital commitment are much lower. In the case of ANF Technology, FPI has subsequently attracted sophisticated co-investors at a later stage when risks have been reduced, business strategy developed and the core team has been built. This current third round of funding represents a commitment from the venture capital division of a major family office.
NAFEN™ is a breakthrough development in materials science. NAFEN™'s outstanding physical and mechanical properties, available at large scale production volume with commercially viable pricing, provide industrial players with the potential to unlock innovation across a wide variety of applications, ranging from aviation to biomedicine.
Alexander Timofeev, Managing Partner at FPI, commented: "To date, low nanomaterial production volumes and high prices have held back the wider application of nanotechnology at a mass scale. We are delighted to have identified and arranged this third round of investment, the largest to date, which is a strong commitment to support NAFEN's widespread adoption across multiple industries".
Tim Ferland, ANF Technology's Business Development Manager for North America, said: "FPI has attracted a committed pool of sophisticated investors into ANF Technology. This latest round is the clearest indication that investors are confident in ANF Technology's scientific pedigree and business acumen. We expect the global profile of NAFEN™ to increase significantly as the testing of NAFEN™ samples develops into long-term commercial partnerships."
FPI had previously led a €1m first seed investment round into ANF Technology in June 2010. In early 2012, ANF Technology received a second round investment of €0.5m, with two new co-investors participating.
The previous financing rounds enabled ANF Technology to begin synthesizing (producing) NAFEN™ at commercially viable industrial volumes. The new funding provides ANF Technology with the necessary financing to scale-up production levels and drive the introduction of NAFEN™ to the most promising target business sectors globally. The €10m investment is divided into two tranches of €2m and €8m.
Major industrial companies are currently testing NAFEN™ samples to determine its competitive advantage in materials and composites development, and how it can be used to boost application critical performance in extreme environments. Potential applications include composite ceramics, metal-matrix composites, paints and coatings, fuel cells, polymer composites, catalysts, electronics, filtration, biomedicine, advanced abrasives, aviation and aerospace.
FPI Innovation Fund LP is a seed and venture capital fund focused on transforming hi-tech scientific and intellectual property ideas into market-oriented and commercially effective business reality. The Fund identifies projects in Russia as well as globally with the focus on Russian speaking scientists, engineers and entrepreneurs from the former Soviet Union, many of whom have emigrated but still maintain strong professional ties to their native countries. The FPI team combines the experience of specialist scientists and investment professionals with an international level approach to investing in hard-to-access yet promising scientific, engineering and entrepreneurial sectors.
Aleksandr Timofeev, Managing Partner at FPI, commented: "Attractive seed capital projects are available in our sectors, but it takes specific skills and effort to find, reposition, restructure and develop them into commercial success. The FPI team is highly experienced in managing complex scientific projects from startup through to commercialization. We examine projects at their earliest stage, even before the business model is formed, to actively develop them using a hands-on approach, devising value-building strategies and working in partnership with the Russian and global investor community".
FPI meets the gap between the major research breakthroughs by elite scientists from the former Soviet Union and the current low level of competence available in early stage venture investing into such opportunities. In this way, FPI brings together "smart money" with the demand for "smart ideas", supporting the commercialization mechanisms in the area of industrial technologies.
About ANF Technology Ltd
A UK company that produces NAFEN™ aluminum oxide nano fibers, powders and blocks at its Estonian production facility in Tallinn. ANF Technology Ltd currently has key research and development partnerships with scientific and research institutions including Cambridge University (UK), Oxford University (UK), University of Grenoble (France), University of Twente (Netherlands), Boreskov Institute of Catalysts SB RAS (Russia), VILS (Russia), MISIS (Russia), Tallinn Technical University (Estonia) and the University of Tartu (Estonia).
The trademark name for ANF Technology’s superior-grade aluminum oxide nano fiber. Available in fibers, powders and blocks.
FPI Innovation Fund LP: Founded in 2009, FPI Innovation Fund LP is a seed and venture capital fund focused on transforming hi-tech scientific and intellectual property ideas into market-oriented and commercially effective businesses.
Prior to founding FPI, Managing Partner Alexander Timofeev founded the precision engineering tool-cutting company Microbor in 2002, growing the business through successive investment rounds into a well-established player in its field. Microbor was subsequently sold to Rusnano, the Russian state-backed investment vehicle, in 2010. In addition, Alexander Timofeev has held a number of board level positions in Russian companies during his career.
FPI Innovation Fund LP Partners:
About Alexander Timofeev, Managing Partner
Alexander has held a number of board positions in his career. His most recent experience includes founding Microbor, a nanotech precision engineering company that he grew through 4 rounds of investment before selling it to RUSNANO in 2010. He was previously president of KabMet in Moscow and founder of InvestKinoProject, the Russian leisure company. Alexander graduated from the prestigious Moscow Institute of Physics and Technology with a degree in physics and holds a second degree in law.
About Sergey Arharov, Partner
Sergey worked for 10 years at Troika Dialog where he rose to the position of Vice President for Equity Sales and Capital Markets before overseeing real estate asset management on behalf of the Troika Dialog Family Office. Prior to joining FPI, he was Managing Partner at MTD in Moscow, managing commercial real estate restructuring projects. Sergey joined FPI as a Partner in 2009 and graduated from the International Business Institute at the Academy of Foreign Trade in Moscow with a degree in International Economics.
About Valery Kryvenko, Part-time Partner
Valery’s most recent professional career includes Head of hi-tech investments at ONEXIM Group, where he built a US$80m venture investment portfolio from scratch, during 2008-12. Previously, he was head of business development at gas processing and petrochemicals giant SIBUR and spent six years working at McKinsey. He is personally an investor in numerous successful international startups and incubator funds in the USA, Germany, Canada and Russia. Other current positions include co-Chairman of the G-20Y Summit Innovations Committee and a Managing Partner at Bright Capital Management. Valery graduated from the Moscow State University of Foreign Relations with a degree in International Economics before studying at the Anderson School of Management, UCLA, and receiving an MBA from the London Business School where he focused on venture capitalism and growth business management.
About Vadim Kulikov, Venture Partner
Vadim has wide ranging experience in venture capital and developing start-ups. He is the founder of the Kulikov Innovation Center, which supports and spearheads technology development for a large number of innovative companies, and from 2011-12 he was a Partner at Bright Capital Seed Fund. Previously Valery was owner and CEO of Vitrina A, specializing in point of sale marketing and technology solutions, where he undertook over 100 projects in rebranding for blue-chip companies. Vadim graduated from the Bauman Moscow State Technical University Engineer and undertook further studies at the Russian State Institute of Intellectual Property.
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