Ecovative Design, a Green Island, NY-based materials science company, raised $14m in equity financing.
The company will use the funds to continue to scale its technology in the U.S. with licensing partner Sealed Air, opening its platform to multiple new markets, including building materials, automotive components, and structural cores.
Founded in 2007 by Eben Bayer, CEO, Ecovative Design uses patent protected mycelium-based technology to grow home-compostable, composites that replace plastic foams currently used in products such as protective packaging, automotive components, building and construction materials, shoes, and floral foam, among other applications. The company has also leveraged its mycelium expertise to develop a lighter weight engineered wood replacement that eliminates the need for expensive and toxic glues currently used in existing engineered wood products.
Ecovative, together with Sealed Air Corporation, recently announced the opening of a new facility in Cedar Rapids, Iowa, to support the growth of its Restore™ Mushroom® Packaging business in North America. The company also intends to launch additional protective packaging facilities in Europe and Asia and is actively seeking strategic partners.