RALEIGH — HZO Inc., a manufacturer of protective nanocoatings that safeguard electronics from corrosive and liquid environments, has raised $70 million in a new financing round, according to a release on Tuesday.
HZO
The round was comprised of $40 million of series IV preferred stock and $30 million of new credit facilities provided by Cathay Bank for capital equipment and working capital. The proceeds will help fast track market and market segment expansion, research and development investments and next generation coating applications.
The Raleigh-based company’s mission is to work with manufacturers to safeguard electronics using coatings optimized for PCBs and electronic components.
HZO delivers a durable water resistant and waterproof product that reduces costly returns, improves customer satisfaction and drives overall brand value.
“Society’s growing dependence on technology for everything from personal convenience items like smartphones to mission-critical applications like autonomous driving has driven exponential demand to deliver more durable, reliable and protected electronics,” said CEO Simone Maraini in a statement. “This most recent round of financing will help ensure we meet customer requirements and drive next-generation innovation for protective coating solutions.”
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HZO serves diverse sectors from transportation and IoT to consumer electronics and health care. Brands featuring HZO on their products are companies such as Nike, Dell and Motorola.
The most recent financing brings the total capital raised by HZO to $225 million and supports HZO’s expanding global footprint. The company currently has 12 worldwide factories and a contracted workforce that will exceed 2,000 this year.
The company recently moved its headquarters to Raleigh, North Carolina, from Salt Lake City.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
