ABQ nanotech startup wins $2M investment - Albuquerque Journal

ABQ nanotech startup wins $2M investment

IR Dynamics’ high-tech research and development lab near Journal Center, where the company is currently housed. (Courtesy of IR Dynamics)

A local startup with new technology that blocks infrared heat when warm while also transmitting it when cold has raised $2 million in private equity to begin marketing its product.

The technology to produce the new material, which could be incorporated into glass or applied as a film on windows, was originally developed at Sandia National Laboratories. The Albuquerque-based company, IR Dynamics, is now working with large glass and film manufacturers to potentially incorporate the infrared, or IR, blocking-and-transmitting material into their production processes, said company CEO Rich Engstrom.

“We’re engaged now with several large companies that work globally in the architectural-glass and window-film industries,” Engstrom told the Journal. “We’ve developed the original Sandia technology a lot more since launching the company. We’re now moving out of the research-and-development phase to scale up into commercialization.”

The material is created through a nanotechnology-based process that results in a liquid formula. It can be tailored into custom formulations for manufacturers as a drop-in component that could help conserve energy when applied to glass in homes, buildings and even cars, said Scott Goodman, managing general partner of GOS Capital, which contributed $27,000 to the new $2 million seed investment that closed on Friday.

“In the winter, it will allow more heat to come in, and in the summer, it will block it, reducing energy costs,” Goodman told the Journal. “It’s cool technology that we think has big applications. They already have clients lined up.”

The ABQid business accelerator run by Central New Mexico Community College’s “CNM Ingenuity” – which manages all of the college’s commercial endeavors – also contributed to the investment. But most of the seed round came from individual angels.

“This investment gives us a runway to scale up,” Engstrom said.

The company is currently housed in a 7,500-square-foot facility with a high-tech lab near Journal Center. It employs four people.

Although a minor investor in IR Dynamics, the GOS Capital contribution marks the second deal announced this month by that newly-launched investment platform. GOS also closed on a $27,000 investment on Oct. 1 in Champria, another local startup that created a new esports platform for the video gaming community.

GOS pools money from individual investors for case-by-case venture commitments to local startups, with five individuals participating in the IR Dynamics deal. Goodman expects to make three more investments this year for a total of about $150,000 in five different companies, with the next one expected to close in two or three weeks.

GOS will begin raising an institutional venture fund in January, Goodman said.

 


Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

Nativo Sponsored Content

Ad Tango


taboola desktop

MORE ARTICLES LIKE THIS

1
NM face mask mandate extended until mid-November
ABQnews Seeker
New Mexico's face mask mandate for ... New Mexico's face mask mandate for indoor public settings will remain in place until at least mid-November, amid a stubbornly high number of new ...
2
FBI: Man suspected in 3 ABQ bank robberies
ABQnews Seeker
Authorities are looking for a man ... Authorities are looking for a man accused of robbing three banks in the past month around Albuquerque. FBI spokesman Frank Fisher said the most ...
3
2021 State Fair attendance down 41%
ABQnews Seeker
Attendance for the 2021 New Mexico ... Attendance for the 2021 New Mexico State Fair was down from the last fair — way down. State Fair General Manager Dan Mourning said ...
4
Suspect in cold case homicides linked to 1988 slaying ...
ABQnews Seeker
Albuquerque police say detectives are preparing ... Albuquerque police say detectives are preparing to charge Paul Raymond Apodaca in the 1988 slaying of a 13-year-old girl. Apodaca, already linked to the ...
5
Critics lash out at $50M stadium bond
2021 city election
Opponents point to plan's 'hidden costs' Opponents point to plan's 'hidden costs'
6
Gonzales raises over $330K in three weeks
2021 city election
Report comes after unsuccessful legal battle ... Report comes after unsuccessful legal battle for public financing
7
Down by 20, Cleveland rallies to beat Volcano Vista
ABQnews Seeker
Opinions varied later on the degree ... Opinions varied later on the degree of precariousness of Cleveland's situation, but however it unspo ...
8
CNM program aims to connect New Mexicans to cannabis ...
ABQnews Seeker
Industry training to be offered as ... Industry training to be offered as recreational pot sales begin in 2022
9
Community rallies behind Washington MS after fatal shooting
ABQnews Seeker
Work on a tree sanctuary at ... Work on a tree sanctuary at the school aims to help kids express themselves and heal