HzO, a Utah-based provider of technology that protects valuable electronics from water, humidity, and other liquids, has received a $3m equity investment from Hong Kong-based Horizons Ventures, Ltd.
The company, which was acquired by and then spun off from ZAGG Inc. (NASDAQ: ZAGG), intends to use the proceeds to bring its WaterBlock technology to the global marketplace.
In conjunction with the transaction, Jason Wong, CFO of Horizons Ventures, will serve on HzO’s board of directors.
Led by Chairman Robert G. Pedersen II, also CEO and Chairman of ZAGG, the company has developed a process that creates a nanoscale, thin film coating that protects electronics against damage caused by exposure to fluids, which is the leading cause of lost functionality in electronics. The coating, which is transparent and can be applied to a variety of surfaces including plastic, metal and glass, can also repel many oils, synthetic fluids, hazardous materials, dust and dirt.
HzO intends to applicate its technology in multiple industries including consumer electronics, automotive, first responder devices, military devices and vehicles, solar energy, and industrial applications.
FinSMEs
27/12/2011