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Setex Technologies Receives $6 Million Investment

PITTSBURGH, March 12, 2020 – nanoGriptech®, the first commercial manufacturer of gecko-inspired micro-structured dry adhesives and surfaces for a wide range of applications, including wearable consumer products, semiconductor and glass handling, and automotive upholstery fastening, has received $6 million in capital funding. The company will use the investments to scale its manufacturing operations and strengthen its commercialization activities.

Financing is being provided by overseas and domestic sources, including Koç Holding, Turkey’s largest industrial conglomerate; Inventram, a high-tech investment company based in Istanbul, Turkey, that is a joint venture of Koç Group and Mitsui & Co. Europe PLC.; Industrial Technology Investment Corporation (ITIC), the venture capital arm of the Industrial Technology Research Institute (ITRI), a Hsinchu, Taiwan-based R&D consortium; Innovation Works; Idea Foundry; Urban Redevelopment Authority of Pittsburgh; and Grouse Ridge Capital.

nanoGriptech’s products include:

  • Setex GeckoGrip® used to improve friction or grip in consumer wearables, safety gear and outdoors/sports equipment. The technology is perfect for applications such as eyewear, earbuds and any other moldable surface that touches the skin.
  • Setex GeckoTape™ repeatable, residue-free alternative to non-repeatable, tacky and residue-prone materials. These customized adhesives are ideal for applications such as semiconductor and parts handling, glass handling, robotics end effectors, packaging and mounting to smooth surfaces.
  • Setex Ultra-Thin Fastener™ innovative, low-profile, low-weight, double-sided fastening system that is a flexible alternative to hook and loop and mushroom connectors used in automotive upholstery, packaging, and hermetic closure applications.

Earlier this year, nanoGriptech introduced its first consumer product, anti-slip microstructured nose pads for eyewear. The product is made with Setex Gecko Grip and is currently available exclusively through Amazon.

“We are grateful to so many organizations that believe in the value of revolutionizing bio-inspired adhesive technology,” says Nicholas Kuhn, CEO of nanoGriptech. “The support we have received enables us to expand our consumer product offerings and also transition from batch and sheet manufacturing to a roll-to-roll high throughput system.”

“nanoGriptech’s products have tremendous market potential,” adds Cem Soysal, CEO of Inventram and a new member of nanoGriptech’s board of directors. “All of us at Inventram look forward to helping nanoGriptech strengthen its position as a market leader.”

nanoGriptech was incorporated in 2012 by Metin Sitti while he was a professor in Carnegie Mellon University’s Department of Mechanical Engineering and in the school’s Robotics Institute. “It is gratifying to see academic research turn into a sustainable company,” says Dr. Sitti, who is currently director of the Physical Intelligence Department of the Max Planck Institute for Intelligent Systems in Stuttgart, Germany.

Prior to the current round of funding, the company received Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants from the National Science Foundation, NASA and the U.S. Department of Defense, along with support from the PA NanoMaterials Commercialization Center and several private investors.

About nanoGriptech, Inc.
nanoGriptech, Inc. is a privately-held developer and manufacturer of gecko-inspired dry adhesive technology used in applications ranging from wearable consumer goods to semiconductor and glass handling to automotive upholstery fastening. The company was spun out of Carnegie Mellon University in 2012 and occupies 6,000 square feet of space in a former chocolate factory in Pittsburgh’s Lawrenceville neighborhood.

For more information about nanoGriptech and Setex™ gecko-inspired adhesives, contact Nicholas Kuhn at 412.224.2136 or nkuhn@nanogriptech.com or visit www.nanogriptech.com

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This news release may contain forward-looking statements, which, if not based on historical facts, involve current assumptions and forecasts as well as risks and uncertainties. Our actual results may differ materially from the results or events stated in the forward-looking statements, including, but not limited to, certain events not within the Company’s control. Events that could cause results to differ include failure to meet ongoing developmental and manufacturing timelines, changing GMP requirements, the need for additional capital requirements, risks associated with regulatory approval processes, adverse changes to reimbursement for the Company’s products/services, and delays with respect to market acceptance of new products/services and technologies. Other risks may be detailed from time to time, but the Company does not attempt to revise or update its forward-looking statements even if future experience or changes make it evident that any projected events or results expressed or implied therein will not be realized.

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