Backed by Uniseed, TenasiTech has commercialised scratch-resistant plastic additives pioneered at University of Queensland’s Australian Institute for Bioengineering and Nanotechnology.
TenasiTech, a US-based supplier of scratch-resistant plastic additives exploiting University of Queensland research, has sold its patent assets to plastic compounding firm RTP for an undisclosed sum.
The agreement was disclosed on November 11 having been executed in September 2020.
Founded in 2007, TenasiTech manufactures additives that can be applied while producing a range of plastics to prevent abrasion to their surface coating.
The additives can be mixed with plastic as it is melted into its intended shape – a process called thermoforming.
RTP has now acquired TenasiTech’s patents and plans to launch the products next year, initially targeting acrylic, polyamide and polyester resin materials.
The foundations of TenasiTech’s approach were pioneered by Darren Martin, group leader for renewable nanomaterials and polymer nanocomposites at University of Queensland’s Australian Institute for Bioengineering and Nanotechnology.
Multi-university venture fund Uniseed supplied TenasiTech with A$850,000 ($730,000 in July 2007) over multiple tranches from 2007 until 2014.
The unit joined the Brisbane Angels Group in 2014 for a A$950,000 round ($890,000 in July 2014) in which it reportedly put up A$450,000 ($420,000).
Peter Devine, chief executive of Uniseed, said: “We are pleased to see the technology in the hands of a leading thermoplastics supplier, with commercial launch planned for 2021.”