Nanocerox to add 2-5 people next year, 15 people within three years

Wednesday, October 29, 2008 | Source: Concentrate

Six years ago Steve Swanson and Peter Gray saw more than a little potential in a University of Michigan spin-off company called Nanocerox.

Then the Ann Arbor-based firm only employed three people but was making waves in the local research and entrepreneurial circles. Today it employs 20 people (after adding four people in the last year) and expects to take in $2.2 million in revenues, which is up from $1.75 million last year.

Swanson expects that growth to continue for the near future, especially after Nanocerox recently landed $2.1 million in venture capital. That money includes $1.05 million from the state's 21st Century Jobs Fund and its expected to create another 25 jobs within the next few years. For now Nanocerox expects to add 2-5 people within the next year and another 15 within three years.

Nanocerox holds an exclusive license to the U-M's patented process for producing highly pure, chemically-precise, uniformly-sized nanoparticles. This type of technology has become sought-after by the U.S. Dept. of Defense and member of the corporate defense industry. Nanocerox wants to develop this into a highly-lucrative niche-industry in southeast Michigan.

Source: Steve Swanson, CEO of Nanocerox
Writer: Jon Zemke