Boston Materials Receives Additional $750K from America's Seed Fund to Accelerate Launch of New Lightweight Materials for Transportation & Electronics Industries
BOSTON, May 19, 2020 /PRNewswire/ -- Boston Materials, manufacturer of advanced carbon fiber products, today announced new funding from the National Science Foundation (NSF) to accelerate the development and market launch of new lightweight materials. This new funding increases NSF's non-dilutive investment in Boston Materials to nearly $1 million.
"These new materials have the potential to eliminate the range anxiety associated with electric vehicles, reduce the cost of air travel, and increase the connectivity of our electronic devices," says Anvesh Gurijala, Boston Materials Founder & CEO. "Continued support from NSF through America's Seed Fund and the SBIR program allows us to accelerate our development even during the difficult economic environment created by the COVID-19 pandemic. We're excited to domestically manufacture and launch these new lightweight materials."
Boston Materials will use the funding to combine the company's high performance, economic, and sustainable SUPERCOMP(®) carbon fiber products with thermoplastics for injection molding, additive manufacturing, and other high-speed processes that are common in the transportation and electronics industries.
The development enabled by NSF is a key part of Boston Materials' overall effort to transform the transportation, electronics, energy, and infrastructure industries with innovative composite materials.
Alongside the non-dilutive funding from NSF, Boston Materials has previously received financing from SABIC Ventures, Clean Energy Ventures, and the Clean Energy Venture Group.
About Boston Materials
Boston Materials is proliferating composites in the transportation, energy & infrastructure sectors to enable drastic weight reduction and significantly reduce global carbon emissions. This mission will be accomplished with SUPERCOMP Carbon Fiber - a Boston Materials exclusive. SUPERCOMP products solve the high cost, performance limitations, and complex manufacturing challenges of composites. Boston Materials has raised over $4M in venture funding and is now actively raising Series A financing. Learn more at: bostonmaterials.co
About America's Seed Fund and NSF
America's Seed Fund, powered by NSF, awards $200 million annually to startups and small businesses, transforming scientific discovery into products and services with commercial and societal impact. Startups working across almost all areas of science and technology can receive up to $1.75 million in non-dilutive funds to support research and development (R&D), helping de-risk technology for commercial success. America's Seed Fund is congressionally mandated through the Small Business Innovation Research (SBIR) program. The NSF is an independent federal agency with a budget of about $8.1 billion that supports fundamental research and education across all fields of science and engineering. For more information, visit seedfund.nsf.gov
SOURCE Boston Materials
