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Nanotechnology and Venture Capital Bangalore Nano 2007 Meeting Bangalore , Dec. 6-7, 2007

Nanotechnology and Venture Capital Bangalore Nano 2007 Meeting Bangalore , Dec. 6-7, 2007. Anthony K. Cheetham Materials Science and Metallurgy Department University of Cambridge. Overview. Nanotechnology and the science of mat e rials Nanomat erials Nanostructured Mat erials

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Nanotechnology and Venture Capital Bangalore Nano 2007 Meeting Bangalore , Dec. 6-7, 2007

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  1. Nanotechnology and Venture CapitalBangalore Nano 2007 Meeting Bangalore, Dec. 6-7, 2007 Anthony K. Cheetham Materials Science and Metallurgy Department University of Cambridge

  2. Overview • Nanotechnology and the science of materials • Nanomaterials • Nanostructured Materials • Nanoparticles • Nanocomposites • Venture capital trends • Some case histories of start-up companies • Conclusions

  3. Nanotechnology and Nanomaterials • Nanotechnology is one of the most exciting and fashionable areas of current science • In the USA, the on-going level of federal funding is around $800 million p.a. • Japan is very similar, while Europe is around $1.2 billion. • India ~$100 million p.a. • China ~$150 million • Less developed countries are investing in nanotechnology. 4 nm

  4. A Definition of Nanotechnology • A system or a structure with one dimension (or more) between 1 and 100 nanometres • one nanometre = 10-9 metre • …with fundamental control of physical and chemical properties • i.e. the nanoscale gives unique properties • …and frequently one can combine such nanostructures in order to create a larger structure • self-assembly is often very important important

  5. Integrated circuits are made by a top down” approach, beginning with a wafer of silicon and using masks in order to create features on the micron scale Nature uses a “bottom-up” approach, benefiting from self-assembly of molecular size species to form complex architectures such as the siliceous diatom (right) Nanotechnology would like to use the same approach! Self-Assembly 100 nm

  6. A Classification of Nanomaterials • Nanoparticles: particles with one dimension (or more) between 1 and 100 nanometres • including isotropic nanoparticles, nanotubes, nanowires, nanorods and nanosheets • Nanostructured Materials • Macroscopic, homogeneous materials with important features at the nanoscale, e.g. activated carbons • Nanocomposites • Macroscopic, heterogeneous materials that contain nanoparticles in a homogeneous host matrix, e.g. inorganic nanoparticles embedded in polymers

  7. Nanoparticules

  8. C60: Buckminsterfullerene Diameter is 10-9 metres, i.e. a nanometre Kroto, Heath, O’Brien, Curl et Smalley, 1985

  9. Carbon Onions Electron microscopy image of carbon onions Sumio Iijima, Nature 1991

  10. Carbon Nanotubes ……… a combination of two end caps of fullerene with a roll of graphite

  11. Carbon Nanotubes Image of carbon nanotubes - Sumio Iijima Nature 1991; Mutiple wall nanotubes are more coomon than single-walled ones Nanotubes are ten times stronger than steel but six times lighter!

  12. Nanotubes de Carbone Non-Alignés

  13. Aligned Carbon Nanotubes (Richard Smalley, Rice 1997)

  14. High performance and functional structural materials, e.g. polymer composites with nanotubes Sensors (e.g. for gases) Displays (Field Emission) Transistors molecular computers Data storage Storage of hydrogen for fuel cells Photovoltaic cells for solar energy Tips for atomic force microscopes (AFMs) Water purification Transparent conducting thin films Potential Applicationsof Fullerenes and Carbon Nanotubes

  15. Nanotubes Inorganiques We find fullerenes and nanotubes with other inorganic layered structures (Tenne, Weizmann Institute, Israel) Molybdenum Disulfide

  16. Nanocrystals and nanorods of metals and semiconductors (1999) Cadmium selenide nanorod; the morphology is contolled by the surface chemistry in solution Cadmium selenide nanocrystals (15K atoms)

  17. Other Inorganic Nanomaterials • Metal nanoparticles • e.g. Au, Ag, Al, Si, Fe, Pd, Pt…. • Oxides nanoparticules • e.g. TiO2, SiO2, CeO2, Fe2O3, Fe3O4…. • Ceramics • e.g. BN, Al2O3, SiC, Al4C3…. • Semiconductors • e.g. GaN, ZnO, CdSe…. • Minerals • e.g. clays, zeolites, hydroxyapatite, talc, spinels • Other inorganics • e.g. BaCO3, LnPO4, MS2 (M=Mo,W,Nb etc)

  18. Gold Nanoparticles These colloidal gold nanoparticles were prepared by approximately the same method used by Michael Faraday in 1847! A solution of gold(III) chloride is reduced by borohydride in the presence of a surfactant phase transfer agent. The particles transfer into toluene where they are capped by alkane thiols. 50nm 2nm

  19. Ceramic Nanowires Many nanomaterials can be made in a wide variety of different morphologies. For example, many oxides and other ceramics can be made not only in regular particulate form, but also as nanowires etc. Examples of nanowires of Al2O3 and ZnO are shown below. In this case we use a different synthetic approach: carbothermal synthesis. C.N.R. Rao, G. Gundiah, F.L. Deepak, A. Govindaraj and A.K. Cheetham, J. Mater. Chem. 14, 440 (2004)

  20. Most of the properties of nanomaterails are fundamentally different from their macroscopic analogues: The nanoscale (1-100 nm) results in: Changes in solubility Changes in biological properties Changes in physical properties, eg colour, transparency, magnetism, quantum effects) Changes in chemical properties, giving strong catalytic activity Morphology also has consequences for certain properties Properties of Nanomaterials

  21. Quantum Dots of CdSe give IntenseFluorescence under UV Light Colour changes according to the sizes of the particles! Reproduced From http://www.qdots.com/new/technology/what.html

  22. Nanocrystals of gold functionalized with DNA for biorecognition Platinum group metal nanorods for security barcodes Nanocrystals of aluminum for rocket propellants etc Magnetic nanoparticles of iron for drug delivery Purification filters based on Al2O3 nanowires Porous nanoparticles of silica for delivery of functional molecules Nanocrystals of ZnO or TiO2 for UV absorption Nanocrystals of zeolites and other oxides for catalysis MoS2 onions for lubrication Nanocrystals of CdSe, Si and TiO2 for solar cells Nanocrystals of SiC for ceramic applications Calcium phosphate nanoparticles for bone applications Nanoparticles of rare-earth phosphors for security tagging and solid state lighting Nanoparticles of minerals for composites Some Applications ofInorganic Nanoparticles

  23. In about 2001, at the end of the dot.com era, funds specializing in materials science begin to emerge: NGEN Enabling Technologies Fund, Rockport Capital Well established funds began to move into the area Draper Fisher Jurvetson (DFJ), Pangea, CMEA, Harris and Harris, Lux Much of the emphasis was on investments in the nanomaterials and nanotechnology areas Nanosys, Nanosphere, Konarka, Evident Technologies, Oxonica (UK) In the last 2-3 years, the emphasis has shifted towards the Cleantech area, i.e. technologies for clean energy, sustainability, the environment etc Solar energy, water treatment, energy storage, fuel cells, emission controls, etc Trends in Venture Capital A.K. Cheetham & P. Grubstein, Nano Today, 16 (2003)

  24. Founded in 2001 with technology from Harvard and Berkeley; based in Palo Alto, California High visibility founders, including Lieber and Alivisatos Focus on nanotechnology for applications in solar energy, flat panel displays, fuel cells Over 500 patents, many using CdSe nanostructures Nanosys chosen as 2004 Technology Pioneer by World Economic Forum; Business Leader in Nanotechnology and Molecular Electronics on the "Scientific American 50“ 2004; Red Herring Top 100 (2005) Experienced management – Larry Bock Raised $30 million in 1st closing of 2nd investment round (2003) – Top VCs participated - Harris and Harris, Lux Withdrew $100 million IPO in August 2004 due to market conditions (would have had a market cap of $360 million) Raised $40 million in 3rd investment round (Nov 2005) – Arch, Intel, Venrock Change in direction…? Case History I - Nanosys

  25. Founded in ~2000 with technology from Oxford University and elsewhere Based in Oxford, UK Focus on nanoparticle nanotechnology for applications in fuel efficiency, UV sunscreen, security printing, sensors Experienced management – Kevin Matthews (formerly Rhodia, Albright and Wilson, and ICI) Won a series of major awards as a start-up, including ranked in top four Nanotech companies by Lux Research (2006), CEO named Small Tech Business Leader of the Year( 2005), CEO named Ernst & Young S&T Entrepreneur of the Year (2005) Top British VCs participated (e.g. Trivest VCT), as well as BASF Venture Capital Raised £7.1 million in 2004 IPO with a market cap of £35 million ($71 million) Suspended trading in 2007 due to failed trial of fuel additive Case History II - Oxonica

  26. Oxonica Share Price Case History II - Oxonica Current market cap ~$27 million

  27. Founded in 2000 with technology from Northwestern University High visibility scientific founders: Mirkin and Letsinger Experienced management Focus on nanotechnology with DNA-functionalized gold nanoparticles for applications in biosensors Applications in diagnostics and counter-terrorism (bio-hazards) Raised ~$80 million in VC funding, including $57 million in Series D (May 2006) Top US VCs participated FDA approval in Sept. 2007 for DNA-based test for Warfarin IPO (raising ~$100 million) in Nov 2007 Current market capitalization $287 million Case History III - Nanosphere

  28. Many of the major technological developments over the last 25 years in the broad materials area have taken a long time to have a commercial impact: Conducting polymers and molecular electronics (~1980) High temperature superconductors (~1986) Carbon nanotubes (~1991) Wide band gap semiconductors, e.g. GaN (~1994) It is easy to spot the commercial potential, as with nanotechnology, but the time to market is very long This is illustrated by the lack of commercial success, to date, of many of the start-ups in the nanotechnology area There are unanswered questions concerning toxicology issues, as well as societal concerns (not unlike GM foods) Concluding Remarks

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