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."
