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Professors at Columbia University and the Massachusetts Institute of Technology have been awarded the Nobel Prize for Chemistry, according to a news release from the Royal Swedish Academy of Sciences, the organization that bestows the honor in the field of chemistry.

The professors—Louis E. Brus at Columbia and Moungi G. Bawendi at MIT—shared the prize with Alexei I. Ekimov of Nanocrystals Technology Inc. for their work in the area of nanotechnology. The organization pointed to the work done by Brus in the 1980s and Bawendi in the 1990s, noting that “they planted an important seed for nanotechnology.”

The news release said all three prize winners were pioneers in the “discovery and development of quantum dots,” or “nanoparticles so tiny that their size determines their properties.” Quantum dots are common in household technology as well as in medical settings.

In a Columbia University news release, Brus said that his work on nanotechnology had been a “collaborative effort” spanning physics, chemistry and material science. He said he felt “lucky” that the awarding organization “has chosen to honor this particular area of research at this time.”

In an MIT press release, Bawendi called the news a “shock” and “such an honor to wake up to.”

The two professors joined other academics who were awarded prizes in physics and medicine this week. The Nobel Prize in Literature and Nobel Peace Prize will be awarded later this week.