BILLERICA, Mass.--(BUSINESS WIRE)--Boston Materials, a leader in high-performance materials, today announced that the company has raised a $12 million Series A2 round led by Good Growth Capital. The round also includes new strategic investors GS Group and PTT Global Chemical, which will provide important supply chain relationships and unlock customers in new geographical regions. The investment follows the recent news of Boston Materials’ partnership with Textron (NYSE:TXT) on supplying lightweight materials for aerospace applications. The new funds will support Boston Materials’ continued growth, increasing manufacturing and engineering operations at the new factory in Billerica MA, and expanding product adoption with existing and new customers.
“We’re thrilled to partner with Good Growth Capital, GS Group and PTT Global Chemical, along with our existing investors, as we enter this exciting phase of rapid growth,” said Anvesh Gurijala, CEO of Boston Materials. “We have successfully piloted new game-changing products with leaders in consumer electronics, electric vehicles, and fuel cells. By incorporating a Boston Materials product, our customers have experienced extraordinary results. Noteworthy examples include a fifteen-fold increase in product lifespan and unlocking a five-fold reduction in Scope 3 emissions. This new investment will enable us to expand upon this work to scale and support rapid adoption.”
Known for its patented Z-axis Fiber™ technology, a lightweight material produced from 100% reclaimed carbon fiber with significant energy dissipation properties, Boston Materials enables manufacturers of industrial and consumer products to create highly differentiated, energy-efficient products that have a low carbon footprint. The manufacturing scale of Z-axis Fiber enables Boston Materials to formulate products for a wide range of applications that are cost-effective to deploy at high volumes.
A global emphasis on decarbonization in transportation and proliferation of industrial and consumer electronic devices has reinforced demand for Boston Materials’ innovative technology. With more brands continuing to focus on delivering quality, sustainable products to customers, Boston Materials’ Z-axis Fiber enables manufacturers to meet those needs. Currently, Z-axis Fiber has an addressable market of over $450 billion with applications including weight reduction of automobiles, improving the performance and reliability of electronics through efficient thermal management, reducing the weight and cost of hydrogen fuel cells for clean transportation, and more.
“Boston Materials has a differentiated technology with many high-value applications for multiple growth sectors,” said David Mendez, Managing Partner at Good Growth Capital. “Based on the breakthrough results that customers of Boston Materials have experienced, we believe the company will continue to unlock new frontiers across the electronics and transportation sectors and beyond.”
Strategic investors GS Group and PTT Global Chemical will provide important supply chain relationships and access to customers in new regions. Both organizations see tremendous value in Boston Materials’ Z-axis Fiber technology in enabling decarbonization and improved sustainability across the energy, electronics and transportation sectors.
“Boston Materials’ commercial focus in thermal management and hydrogen fuel cells highly aligns with GS Group, considering our interests within the energy sector, and the current demand for innovations in clean energy within the South Korean market,” said Taehong Huh, Managing Partner at GS Futures, the corporate venture capital arm of GS Group. “As a Fortune Global 500 organization with annual sales of US$44 billion and business presence across 32 countries, GS Group is a global leader with diversified operations spanning energy, utility, retail, and infrastructure.”
“PTT Global Chemical has a deep understanding of the important role of performance materials as a solution for the global needs on decarbonization and sustainability,” said Kamel Ramdani, CTO at PTT Global Chemical (PTTGC) and President of GC Ventures America. “As Boston Materials dives into automotive and electronics, we see great potential and unique values for new initiatives within PTTGC’s ecosystem, and differentiated solutions to support our composites platform.” PTT Global Chemical was ranked as the number one leader in the chemical sector by the Dow Jones Sustainability Index for four consecutive years.
Previous Boston Materials investors also participated in this round, including ACCELR8, Valo Ventures and ACVC Partners. New investors joining this round include Gatemore Venture Partners. Prior to this round, Boston Materials had raised $14.8 million, bringing the company’s total funding to date to $26.8 million. Since the first round of fundraising, the company has tripled its employee headcount, with plans to create a significant number of new jobs in the near future to support ongoing growth.
About Boston Materials
Founded in 2016, Boston Materials is a high-performance materials company enabling manufacturers of industrial and consumer products to break through their design trade-offs with new materials. The company’s patented Z-axis Fiber™ technology is a lightweight material that has an extraordinary ability to diffuse energy (structural, thermal or electrical). It is produced from 100% reclaimed carbon fiber, enabling new, high-volume, energy-efficient products that have a low carbon footprint. By turning a $2B per year waste stream into high-value, advanced materials, Boston Materials is enabling the next generation of products and unlocking a circular economy. To learn more about Boston Materials, visit www.bomaterials.com.