STAR Park's Quantum Materials Corp lands $15 million private equity investment
Quantum Materials Corp (QMC), a nanomaterial and quantum dot producer and technology company based in Texas State University's Science, Technology and Advanced Research (STAR) Park, has received a $15 million investment from California-based private equity firm, Pasaca Capital, Inc.
QMC joined the STAR One technology business incubator in 2013 for the purpose of developing a proprietary chemical process for the production of quantum dots at a commercial scale. Quantum dots are a nanomaterials technology platform capable of being deployed in solar energy production, high-definition touch screens, product authentication and biomarker applications. After development of its production processes, QMC has spent a number of years developing and scaling to pilot manufacturing, product lines based upon its platform technology.
With the onset of the COVID-19 pandemic, QMC developed the use of quantum dots to verify sample origins and track samples through the testing process. QMC has had a number of collaborations with Texas State's Department of Chemistry and Biochemistry.
"Quantum Materials is a perfect example of the successful interaction of Texas State University and early-stage companies resulting in the launch of significant new technologies," said Stephen Frayser, executive director of STAR Park. "Its continued growth at STAR Park is a clear win for the region and a fulfillment of the university's commitment to partnership with business and industry."
STAR Park is Texas State’s 58-acre research park dedicated to the development and growth of collaborations between the university, industry and research institutions.
Under terms of the agreement between the two companies, QMC will develop a functioning product integrating QMC HealthID intellectual property and Innova Medical Group's products. Innova Medical Group Inc. is the largest manufacturer of rapid antigen test kits and a leader in COVID-19 testing solutions globally. The agreement between QMC HealthID and Innova Medical Group Inc. is non-exclusive and allows other registered test kits and diagnostic services to be used by QMC HealthID customers.
The Pasaca Capital investment supports expansion of the QMC HealthID solution, further exploration of applications for quantum dot technology in healthcare and the development of next generation quantum dot enhanced COVID-19 rapid test kits, in parallel with Innova Medical Group Inc., a Pasaca Capital Inc. portfolio company. These efforts are led by Todd K. Malan, M.D., senior vice president of clinical research at QMC HealthID Incorporated.
For more information on QMC, visit www.quantummaterialscorp.com.
About STAR Park
The Science, Technology and Advanced Research (STAR) Park is Texas State University’s 58-acre research park dedicated to collaboration with industry, government laboratories and nonprofit research institutions to accelerate innovation, commercialization and entrepreneurship. For more information, visit the website at www.txstate.edu/starpark.