HZO, a Raleigh, North Carolina-based company that is known for providing protective nanocoatings that safeguard electronics from the most demanding corrosive and liquid environments, announced it has raised $70 million in a new round of funding.
This funding round comprised of $40 million in Series IV Preferred Stock and $30 million of new credit facilities provided by Cathay Bank for capital equipment and working capital. Including this funding round, HZO has raised $225 million total. And the company now has 12 worldwide factories.
“HZO provides an essential solution to manufacturers looking to meet consumer expectations and commercial demands for waterproof coating solutions,” said HZO executive chairman Nelson Chan. “Since 2011, the company has built an extensive patent portfolio of over 350 proprietary assets and has a successful track record serving Fortune 100 organizations, all of which underpins the latest financing and speaks to the extraordinary opportunities that lie ahead for the business.”
With this funding round, HZO plans to fast track market and market segment expansion, research and development investments, and next-generation coating applications. This will build on the triple-digit growth the company experienced in each of the last two years.
HZO’s protective nanocoatings perform well beyond the IPX7 industry standard for protecting consumer electronics from rain, sweat, salt water, corrosion, etc. This is made possible through its Spectrum of Protection suite of coating solutions that are applied directly to sensitive circuitry and helps create a more durable product offering.
“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,” added HZO CEO Simone Maraini. “This most recent round of financing will help ensure we meet customer requirements and drive next-generation innovation for protective coating solutions.”
HZO’s customers include businesses from a wide range of sectors ranging from transportation, IoT, consumer electronics, and healthcare.
