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QWave Fund announces $7 million (5,23 million euro) investment in Estonian firm Clifton and American firms Centice and Nano-Meta Technologies, as originally reported by FIRRMA. Last December, we had a post about the creation of the $100 million (74,7 million euro) fund, which was going to be headquartered in Boston and managed in part by Sergei Kouzmine and Serguei Beloussov. It was reported that the fund being assembled would invest specifically in companies devoted to quantum technologies and now we have information about what they have been arranging. In addition to its Boston base, QWave maintains offices in New York and Moscow.
The North Carolina-based Centice has been working to develop a chemical identification system for law enforcement and security markets which will more quickly and accurately identify drugs. Nano-Meta Technologies is described as a startup out of Purdue University (Indiana) which develops and commercializes intellectual property, which bridges the gap between markets and research, and which acts as the parent company of Skolkovo-affiliated subsidiary Photonic Nano-Meta Technologies LLC. Besides, most of the members come from Russia/CIS. Finally, Clifton is an Estonian firm which develops gallium arsenide p-i-n rectifier diodes for high tech power electronics.
Sergei Kouzmine told FIRRMA that they will become a minority shareholder in each company and that they expect to exit in about 5 years. Recently, we have seen other examples of tech transfer in the investment by Finext Startup and Day One Capital in Hungarian startup OptoForce and in the Commercialization Reactor program from Latvia.
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