Hawaiian start-up receives major investment

1 Oct 2010

A Honolulu technology start-up has received a $4.75m (around €3.5m) equity investment.

The Hawaii, US-based firm, Adama Materials, developers of nanotechnology-based advanced materials, received the investment from two venture capital companies – Artiman Ventures and Startup Capital Ventures – and other investors.

Founder and chief technology adviser, Dr Mehrdad Ghasemi Nejhad, said he welcomed the investment and that it would “allow commercialisation of the technology Adama has developed over many years.”

The company was started in 2008 when University of Hawaii (UH) Mechanical Engineering Prof Ghasemi Nejhad and UH business school graduate Donovan Kealoha won first place and the technology prize in the UH business plan competition.