Matereal Inc. Raises $4.5M Seed Round, To Lead the Fight Against Toxic Plastics
25 July 2024 - 2:00PM
UK Regulatory
Matereal Inc. Raises $4.5M Seed Round, To Lead the Fight Against
Toxic Plastics
Matereal’s hallmark technology seeks to replace the
toxic polyurethane industry
DENVER, July 25, 2024 (GLOBE NEWSWIRE)
-- Today, Matereal, a pioneering plastic replacements technology,
proudly announces the successful closure of its $4.5 million seed
funding round, led by the Collaborative Fund. This key investment
propels Matereal into its next stage of development to bring a new
environmentally safe plastic to market. The funds will support the
company on its mission to decarbonize and detoxify the chemical
plastic supply chain.
The technology powering Matereal's
transformative agenda is the commercialization of its
groundbreaking chemical platform, Polaris™. This innovative
non-isocyanate polyurethane (NIPU) is a monumental breakthrough,
offering a sustainable and safe alternative to traditional
polyurethane—a historically challenging plastic to decarbonize.
Nearly every product sold to consumers contains polyurethane, from
fashion to paints, but it is not a renewable resource and has
limited, to no, end-of-life options. With the global polyurethane
market reaching nearly $90 billion annually, the need to address
its carbon-intensive and toxic nature is paramount, and Matereal is
on a path to replace it.
Matereal's approach combines the
desirable attributes of traditional polyurethane—versatility,
durability, and cost-effectiveness—with cutting-edge chemistry to
eliminate petrochemicals and toxic isocyanates, the primary
culprits behind workplace-related asthma. The Matereal™ scalable
platform leverages artificial intelligence to optimize the
utilization of renewable feedstocks alongside captured
CO2.
Focused initially on coatings in
textiles, the Matereal™ solution not only boasts competitive
pricing but also delivers impact on a monumental scale, offering a
nearly million-fold reduction in toxicity compared to conventional
alternatives, and the potential to avert the release of gigatons of
CO2. Brands seeking to connect with consumers on environmentally
friendly alternatives will be the first pilot customers to embrace
Matereal™.
The foundation of Matereal's
revolutionary technology stems from the collaborative efforts of
Dr. Philip Pienkos, the company's co-founder and Chief Technology
Officer, alongside partners at the National Renewable Energy
Laboratory (NREL). Dr. Pienkos's firsthand experience in a plastics
factory, coupled with a lifelong dedication to exploring
alternative feedstocks for biofuels and bioproducts, underscores
his commitment to challenging the petrochemical status quo.
“It’s been my mission for the last 7
years to bring this product to market,” Phil said, “This funding
brings us a lot closer to making every product consumers purchase
better for them and the environment.”
Co-founder and CEO Jacqueline Ros
Amable brings a wealth of entrepreneurial expertise, fueled by a
personal mission to revolutionize the plastics industry for the
betterment of both workers and consumers.
"We are a team driven by an
unstoppable vision of eliminating toxic plastic inputs from
production and replacing them with alternatives that are good for
people and the planet," says Jacqueline Ros Amable. "We are
immensely grateful for the unwavering support of our incredible
community of supporters."
“Matereal has the potential for
massive impact across industries – polyurethane is found everywhere
from furniture to automotive parts. The team’s edge lies in their
ability to produce polymers that are functionally identical to
polyurethane in a frictionless, scalable process for
manufacturers.” - Sophie Bakalar, Partner at the Collaborative
Fund.
In addition to the Collaborative Fund,
Matereal's seed round attracted investment from prominent backers
such as Better Ventures, Alante Capital, One Small Planet, Climate
Capital, Sandy Spring Climate Partners, Pachamama Ventures and PDS
Ventures. The company also boasts a roster of distinguished
advisors, including Dr. Ann Lai from Skeleton Key, a leading AI
expert, and Tim Thomson, CFO from Charm Industrial.
With this significant infusion of
funding and dedicated team, Matereal is poised to reshape our
material environment into a new era—a Matereal World (cue the
music).
Learn more or schedule a discovery
call at matereal.co
Contact: hello@matereal.co
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0c18273a-25e8-45c4-9693-f681b767e207