In a significant development for the sustainable packaging industry, Nfinite Nanotech, a pioneer in plastic-alternative nanocoatings, has announced the successful completion of a $6.5 million SEED round. The funding was led by Collateral Good, with strategic participation from Suzano Ventures and additional investments from FTW Ventures, MaRS IAF, Overlay Capital, Ponderosa, and Republic Capital. The round also included non-dilutive funding from Next Generation Manufacturing Canada, further bolstering Nfinite Nanotech's mission to revolutionize flexible food packaging through nanotechnology.
Nfinite Nanotech's groundbreaking nanocoating technology is set to address the global plastic packaging problem by enabling the use of truly sustainable packaging at a commercial scale. The company's ultrathin and high-performance barrier coating maintains the recyclability and compostability of sustainable packaging while preserving the freshness and shelf life of products. With the global market for sustainable packaging expected to reach $737.6 billion by 2030, Nfinite Nanotech's innovative solution is poised to make a significant impact in the industry.
Chee Hau Teoh, CEO of Nfinite Nanotech, expressed his enthusiasm for the funding, stating, "This funding will catalyze our growth, enabling us to scale our operations, enhance our R&D capabilities, and solidify our market position as pioneers in eco-friendly packaging. We are committed to leveraging this opportunity to deepen our partnerships with our customers and continue delivering solutions that meet the urgent need for sustainability in our world today."
The global plastic waste crisis is a pressing issue, with 400 million metric tons of plastic waste generated every year. Leading consumer packaged goods companies and packaging manufacturers worldwide have united around a shared commitment to improve sustainability and minimize the environmental impact of packaging by 2030. Nfinite Nanotech's approach to sustainable packaging addresses the critical barrier problem that has hindered the adoption of eco-friendly materials, making it a game-changer in the industry.
Michael Kleindl, Managing Partner of Collateral Good, expressed his confidence in Nfinite Nanotech's team and technology, stating, "Nfinite's approach to sustainable packaging addresses the critical barrier problem that has hindered the adoption of eco-friendly materials. We have tremendous confidence in Nfinite's team as it continues to revolutionize the sustainable packaging industry with high-performance nanocoating solutions that make packaging sustainable and keep products fresh."
Nfinite Nanotech has already garnered support from early adopters in the industry, including Amcor, a global packaging leader. Frank Lehmann, Vice President Corporate Venturing and Open Innovation of Amcor, praised the partnership, saying, "As a global packaging leader, Amcor is proud to have partnered with, and invested in, Nfinite early in their journey through our Amcor Lift-Off program. Nfinite shares our commitment to creating a circular economy, and we look forward to continuing to work with them to develop innovative ways to deliver more sustainable packaging solutions."
The company is actively working with some of the largest CPG companies and packaging manufacturers in the world, and its commitment to success is evident in the results. Hiroki Taenaka, Project Lead, Smart Life Creation Group, Mitsubishi Corporation (Americas), commended the collaboration, stating, "Collaborating with Nfinite has been a rewarding experience, and its commitment to success is evident in the results. We are excited to see how our partnership will continue to evolve and drive innovation in the industry."
Nfinite Nanotech's advanced nanocoatings are set to revolutionize the flexible food packaging industry by providing a fully compostable and recyclable alternative to traditional plastic packaging. The company's open-air nanocoating technology sets new industry benchmarks by producing superior ultrathin films economically, enabling CPG and packaging manufacturers to accelerate the production and adoption of cost-effective, sustainable packaging without compromising recyclability and compostability while preserving product freshness and shelf life.
