Nanolite is a new cryptocurrency which launched earlier today. It uses the X11 algorithm, which allows for GPU/CPU mining. X11 has become very popular this year, since it is far more efficient and profitable for GPU/CPU mining than Scrypt. The main reason X11 is more profitable for GPU/CPUs is because it blocks ASICs; ASICs are magnitudes more powerful than GPU/CPUs and have taken over Scrypt mining.
There will be 11 million Nanolite total, which is a relatively low number of coins for a cryptocurrency, and should lead to a higher price. There will be 111 Nanolite per block, with a new block every 111 seconds. Only 50,000 Nanolite has been premined, which is roughly half a percent of total coins. This premine will be used for bounties and giveaways. The very small premine will help make Nanolite more popular with the cryptocurrency community, large premines generally indicate the developer is trying to make a quick buck.
Nanolite already has a small community developing: https://bitcointalk.org/index.php?topic=626717.0 There are several pools where you can mine Nanolite, and 1 exchange where you can trade it. Nanolite will likely get added to more exchanges in the coming days. Overall Nanolite appears to be a fairly solid cryptocurrency, although not particularly unique. It is probably worthwhile to mine Nanolite early on while the difficulty is low.