Serious Materials Raises $60M More in Funds to Speed Growth & Product Development
Serious Materials reported last week that it had raised $60 million in series C financing, bringing its total raised to more than $120 million. Serious Materials said the funds will be used to fund the rapid growth of the company and complete development of next generation, energy-saving building products.
Serious Materials develops and manufactures building materials that are designed to deliver high-performance energy efficiency, while creating less of a negative impact on the environment in their production than conventional materials. The company's products include super-insulating high R-value Serious Windows and super-insulating commercial glass called Serious Glass. Their high R-Value windows were recently used in ABC’s Extreme Makeover: Home Edition in Washington D.C.
Serious Materials also makes EcoRock, an alternative to gypsum drywall that the company says is five times more eco-friendly. This claim was validated this spring by UL Environment, who said that EcoRock contains 80 percent recycled content, has low volatile organic compound emissions, is mercury free and is highly resistant to mold. It was also among those recognized this month by the Wall Street Journal in its 2009 Technology Innovation Awards.
Serious Materials has sold limited quantities of EcoRock to a few contractors since early this year, and the company plans to use the recent funding to expand production and distribution of the product in the next two years. In addition, as demand for its window product grows, Serious Materials will also use the raised funds to hire back more factory workers who were left jobless after the company acquired various other window manufacturers.