CARY  — A company that manufactures nanotubes and fibers that are up to 20 times stronger that carbon fiber has raised more than $240,000 in a private equity offering, according to a filing Monday with the Securities and Exchange Commission.

BNNano Inc., which is based in Cary, raised the money from 16 investors.

The company produces boron nitride nanotubes and fibers. These nanotubes and fibers may be used in aerospace, defense, automotive, sports equipment, industrial containers, pressure vessels and textile.

These materials are 20 times stronger than carbon fiber, five times stronger than spider silk and 100 times tougher than kevlar. BNNano’s offices are located in Cary with a manufacturing facility in Burlington.

Boron nitride nanotube powders are used as a strengthener for polymer, metal, ceramic, and glass composites. Small amounts boron nitride nanotubes have been demonstrated to significantly enhance the mechanical properties of these composite materials.

Steven Wilcenski is the company’s chief executive officer and founder.

Wilcenski earned a B.S. in materials science and engineering from North Carolina State University, an M.S. in chemistry from Clemson University and an MBA from N.C. State.

He previously was vice president of the custom products business unit of MEMSCAP SA and president of MEMSCAP Inc. Wilcenski successfully brought the CPBU to profitability in 2010.

He spent more than 10 years at MEMSCAP progressing through a variety of assignments beginning with process and product development and in leadership positions including director of business development, development engineering manager and operations manager.

Prior to his time with MEMSCAP, Wilcenski held engineering positions at Cree Inc. and Spectrolabs.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism