The investment was led by AccelR8 and Diamond Edge Ventures, the US-based corporate venturing arm of Mitsubishi Chemical Group, a leading global carbon fiber manufacturer. With this funding, Boston Materials is accelerating its expansion into the semiconductor market, building from its existing footprint in the aerospace market.

Returning and new investors, including Valo Ventures, Gatemore Venture Partners, Collab Fund, and Woori Venture Partners, participated in the equity investment round.

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.