sm_logo_mSerious Materials, a developer and manufacturer of green building materials like windows and drywall, announced today that it has brought in $60 million in a third round of venture funding. The Sunnyvale, Calif. company didn’t say how it plans to use the money, though it has been building up its sales staff in recent months.
One of the highest-profile green buildings companies in the Silicon Valley, Serious Materials has now raised $120 million in financing. This might seem like a lot for most green startups, but it only scrapes the surface for one requiring capital intensive equipment and assembly lines — just like many solar and wind companies attempting to make panels and turbines.
The company’s goal is to turn out enough products that it actually makes a dent in the amount of energy used to both make construction materials, and the amount of energy consumed by buildings on a regular basis. The U.S. Department of Energy has emphasized the importance of retrofitting homes and commercial spaces for sustainable living. For example, Serious Materials offers insulating drywall and windows that naturally regulate interior temperatures. It also makes window coatings that do the same to save residents money off their heating and air conditioning bills. But in order for these products to make an impact, they must be produced at scale.
That is where Serious Materials has hit some problems. Its lead drywall offering, called EcoRock, has been indefinitely delayed for some time. Not only has it needed to build up its manufacturing operations to create it, it’s had to fight an ongoing battle to get contractors to adopt it as a mainstream material. It will be interesting to see if this new $60 million helps the company jump the hurdles still standing between EcoRock and the general market.
The recent round came from new investors Merisow Financial and Enertech Capital, as well as existing backers Navitas Capital, Foundation Capital, Rustic Canyon Partners and New Enterprise Associates. The company raised $50 million in a first round of funding in 2007.