GOS Capital LLC, a new New Mexico venture capital firm, has made its second investment into an Albuquerque-based nanotechnology company.
Scott Goodman, managing partner of GOS Capital, told Albuquerque Business First his firm invested $27,200 into IR Dynamics. Five investors combined to make the investment. It was a first-time investment for three of the investors who pitched into GOS Capital's investment, Goodman said.
IR Dynamics, which first developed its research at Sandia National Laboratories, creates infrared technologies. The technology creates a seal for windows that blocks infrared light when it's warmer and allows it to come in when it is colder. The technology, which still needs to be scaled up for production, can be applied to homes, businesses, cars, and can save consumers money on energy bills, Goodman said.
The nanotech company raised nearly $2 million in its seed round, IR Dynamics CEO Rich Engstrom told Business First. Engstrom said the money raised came from family funds, individual investors, Central New Mexico's CNM Ingenuity Fund, as well as GOS Capital.
The nanotech company will use the money for equipment and to staff up for production, Goodman said. IR Dynamics expects to start raising a Series A fund starting next year, he said.
IR Dynamics will sell its product in a business-to-business format and not directly to consumers, Goodman said. Though Goodman declined to name the businesses IR Dynamics plans to sell to, he said they include businesses in film, window manufacturing and others.
Goodman and GOS Capital expect to close on one more investment before the end of the month. And Goodman said the venture capital firm looks to make five investments — and possibly more — by the end of the year.
The firm's first investment was into Albuquerque-based Champria, an esports data analytics company. GOS Capital raised $27,500 for that investment.
