Hawaii nanotech startup wins equity investment

HONOLULU (AP) - A Honolulu technology startup has received a $4.75 million equity investment from two venture capital companies and other investors.

Adama Materials develops nanotechnology-based advanced materials.

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

The company was originally funded by Office of Naval Research grants.

Adama Materials said Wednesday that Artiman Ventures led the investment.

It's being joined by Startup Capital Ventures, the company's founders and a group of Hawaii-based angel investors including Cellular Bioengineering Inc.

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