Serious Materials, a Sunnyvale, California-based developer and manufacturer of energy-saving building materials, announced earlier this week that it closed $60 million in Series C financing. The round was led by Mesirow Financial and included other new investors Enertech Capital, Cheyenne Partners, and Saints Capital. Previous investors including New Enterprise Associates (NEA), Foundation Capital, Rustic Canyon Partners, Navitas Capital, and Staenberg also participated in this funding round. The company stated that the funds will be used to accelerate the company's growth and product development. The company also announced that Tom Galuhn of Mesirow Financial has joined the Serious Materials Board of Directors.
"With a strong management team, vision, and industry-changing technology, Serious Materials is uniquely positioned to drive substantial growth and have a meaningful and positive impact on the environment," said Tom Galuhn, Senior Managing Director for Mesirow Financial Private Equity. "We’re pleased to be in a position to help fuel the next stage of Serious Materials’ growth."
"We are on an important mission to help dramatically save energy, reduce CO2 emissions and stabilize the climate,” said Kevin Surace, CEO, Serious Materials. “Dramatic and disruptive innovation must happen now and on a broad scale. Windows offer the largest opportunity for improvement – fastest payback and highest energy savings. If all buildings in America were to use super-insulating full-frame high R-value windows of R-5.0 or more, versus standard single or dual pane windows, CO2 emissions would be reduced by some 200 million metric tons annually."
With this round, Serious Materials has raised a total of more than $120 million in capital.
- Serious Materials – Home page
- Serious Materials Closes $60 Million Series C Financing (September 22, 2009)