FibeRio, a McAllen, TX-based developer and manufacturer of nanofiber production systems, completed a $13m funding.
The round was led by SABIC Ventures B.V., Saudi Basic Industries Corporation’s corporate venture capital arm, and Aster Capital Partners, with participatipion from existing shareholders the University of Texas System – UT Horizon Fund, the University of Texas – Pan American, the State of Texas, Silverton Partners and Cottonwood Technology Fund I.
The company intends to use the funding accelerate commercial growth, and introduce larger scale production systems to the market.
Founded in 2009 and led by Ellery Buchanan, CEO, FibeRio develops Forcespinning, a platform technology which enables manufacturers to produce nanofibers on a commercial scale using a wide range of polymers and an environmentally sensitive process. Nanofiber applications are used in a variety of markets including filtration, nonwovens, battery separators, textiles, biomedical and conductive applications.
In conjunction with the financing, James Wilson, of SABIC’s Innovative Plastics Strategic Business Unit, and Todd Dauphinais of Aster Capital will join the company’s board of directors.