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.

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.

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.