Riga-based startup Naco Technologies, which develops nano-coatings to replace expensive metals in hydrogen production, has raised €1.5 million in an expanded pre-Series A funding round. The investment will accelerate Naco's international growth, as Vestbee was told.
- Established in 2009 by Alexander Parfinovich, Eduard Parfinovich, and Valery Mitin, Naco Technologies develops high-performance nano-coatings.
- The firm uses advanced magnetron sputtering technology to replace expensive metals in hydrogen production, enhancing efficiency, reducing costs, and supporting the scalability of green energy technologies.
- According to Naco, its solution reduces the reliance on rare and expensive metals like platinum and iridium by up to 90%, making hydrogen production and other green energy technologies more cost-effective and scalable.
Details of the deal
- The additional pre-Series A investment was co-led by Radix Ventures, marking its first investment from its inaugural fund. This Warsaw-based deeptech fund was launched in 2024 by Paweł Bochniarz, Wojciech Ratymirski, and Michał Urbanowski and has already raised €41 million.
Read more about the story and strategy of Radix Ventures in our recent interview with its partners.
- Previous investors — Australian Impact Ventures and Cyprus-based Kendris Capital — also joined the round.
"We believe that Naco Technologies, positioned at the intersection of nanotechnology and clean energy, can become a leading supplier of coating solutions that can make the global transition to renewable energy more efficient and profitable. We are proud to join them on their journey," General Partner at Radix Ventures, Paweł Bochniarz, commented in a press release.
- The startup will use the funds to establish a large-scale manufacturing facility in Poland and enhance R&D to refine nano-coating solutions in green energy technologies.
"With this funding, we're moving forward to build a production facility in Poland and meet global market demands. Our team is energized by the support from Impact Ventures, The Untitled Ventures, and Radix Ventures as we continue to scale and innovate," CEO and co-founder of Naco Technologies, Aleksandrs Parfinovičs, said in a statement.
