NanoSniff Technologies Pvt. Ltd, an IIT Bombay-incubated startup, has raised an undisclosed sum in the investment round led by JITO Angel Network, a spin-off from the Centre of Excellence in Nanoelectronics (CEN) at IIT Bombay.
The startup aims to use the funds to upgrade their product, NanoSniffer, and have it tested in Europe for approval from the European Civil Aviation Conference (ECAC), it said.
Nanosniff, developed by NanoSniff Technologies, can detect a variety of explosives like TNT, ammonium nitrate, and RDX in less than 10 seconds. Priced at one-third the price of imported explosive trace detectors (ETDs), NanoSniffer can also identify and classify explosives into different classes of military, conventional and homemade explosives.
The company claims NanoSniffer to be world's first ETD, using a micro-electromechanical system (MEMS) that constitutes the technology of microscopic devices.
Founded by Kapil Bardeja, an IIT Delhi alumnus, and Dr Nitin Kale, an IIT Bombay alumnus, it focuses on indigenously developing and commercialising microsensors and instrumentation that have applications in sensing chemicals (particularly explosives) and biochemicals (particularly cardiac markers).
According to the statement, NanoSniff raised $2 million (Rs 14.8 crore) in equity, loans, and grants from 1crowd, marquee investors and the Government of India.
Earlier in 2017, the company raised $300,000 (Rs 2 crore) from crowdfunding platform 1Crowd and its investor community, a press statement said.
JITO Angel Network invests and supports budding entrepreneurs. It claims to have invested in over 50 companies and got multiple exits in the last six months.
