Nanoprobes was founded in 1990 by Dr. James F. Hainfeld, along with a group of scientists who were also alumni of Brookhaven National Laboratory. The independent research facility they formed has allowed Dr. Hainfeld and his colleagues the freedom to pursue some of the greatest challenges in research: seeking cures for cancer and other diseases.

While part of the funding for these endeavors has come from research grants, another source had to be found, as the scientific community faces ever-increasing government cutbacks. To this end, Nanoprobes began to offer many of the nanoparticle technologies developed by its members for use in other scientists' research.