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A local nanotechnology company based in Texas State University’s Science, Technology and Advanced Research Park has received a $15 million investment from California-based private equity firm, Pasaca Capital, Inc.
Quantum Materials Corp, a nanomaterial and quantum dot producer and technology company, will develop a functioning product integrating QMC HealthID intellectual property and Innova Medical Group's products under the terms of the investment agreement. Innova Medical Group Inc. is the largest manufacturer of rapid antigen test kits and a leader in COVID-19 testing solutions globally. The agreement between QMC HealthID and Innova Medical Group Inc. is non-exclusive and allows other registered test kits and diagnostic services to be used by QMC HealthID customers.
"We are looking forward to capitalize on the synergies between our companies," Quantum Materials Corp CEO Stephen B. Squires said in a news release. "To join Pasaca Capital, as a portfolio company, represents a tremendous opportunity to enhance our QMC HealthID offering, to accelerate our COVID-19 work with Innova Medical Group Inc. and to expand the use of quantum dot technology to advance diagnostics in a broad range of disease states. Together, we're working to bring greater precision, personalization and access to healthcare."
QMC joined the STAR One technology business incubator in 2013 in an effort to develop a proprietary chemical process for the production of quantum dots at a commercial scale. Quantum dots are a nanomaterials technology platform capable of being deployed in solar energy production, high-definition touch screens, product authentication and biomarker applications. After development of its production processes, QMC has spent a number of years developing and scaling to pilot manufacturing, product lines based upon its platform technology.
As the COVID-19 pandemic began to take hold, QMC developed the use of quantum dots to verify sample origins and track samples through the testing process. QMC has had a number of collaborations with Texas State's Department of Chemistry and Biochemistry.
"Quantum Materials is a perfect example of the successful interaction of Texas State University and early-stage companies resulting in the launch of significant new technologies," Stephen Frayser, executive director of STAR Park, said in a statement. "Its continued growth at STAR Park is a clear win for the region and a fulfillment of the university's commitment to partnership with business and industry."
STAR Park is Texas State’s 58-acre research park dedicated to the development and growth of collaborations between the university, industry and research institutions.
The Pasaca Capital investment supports expansion of the QMC HealthID solution, further exploration of applications for quantum dot technology in healthcare and the development of next generation quantum dot enhanced COVID-19 rapid test kits, in parallel with Innova Medical Group Inc., a Pasaca Capital Inc. portfolio company. These efforts are led by Todd K. Malan, M.D., senior vice president of clinical research at QMC HealthID Incorporated.
Additional information from Texas State University: https://news.txstate.edu/research-and-innovation/2021/quantum-materials-corp.html
