American Aerogel just closed on $3.2 million in venture funding for a cleantech investment in its revolutionary insulation material that substantially reduces energy usage & allows for dramatically higher performance at lower costs for the pharmaceutical, biotech & transportation industries.
November 26, 2007
American Aerogel Corporation (AAC) announced that it has closed a $3.2 million Series B round of venture funding led by VIMAC Ventures of Boston, MA. Mount Royal Ventures I, LLC, a Boston-based private group joined the funding as co-investor. American Aerogel Corporation provides revolutionary carbon-based aerogel nanotechnology insulation solutions and products to the bio-pharmaceutical industry.
"American Aerogel has worked hard to develop high performance aerogel insulation solutions initially into the critical market for shipping temperature-sensitive bio-pharmaceuticals along with a broad range of other insulation applications," said Dennis Young, CEO of AAC. "This investment represents both an acknowledgment of our success and confidence in our vast potential to provide unique products that substantially reduce energy usage and allow for dramatically higher performance solutions at lower costs than previously available in the insulation market"
Though a cleantech investment, AAC represents a departure from the alternative energy companies that get the most VC attention. Instead, this company focuses on conservation of energy as well as safety of temperature-sensitive goods. Praveen Sahay of VIMAC Ventures stated that "AAC has the most compelling solution for meeting the insulation needs of the global supply chain of temperature-sensitive pharmaceutical, biotech, and food products. Eventually, its products can become standard in cold packages, insulated structures, as well as refrigeration equipment." Peter Los added "Mount Royal Ventures is very excited about AAC's potential. AAC's products are ready to be commercialized on a large scale and will have a tremendous impact on the cold chain industry. For instance, destinations that were once beyond the reach of the temperature sensitive supply chain will now be served, opening up new markets and bringing products to millions of new consumers."
The investment will enable American Aerogel to construct its first mass production aerogel manufacturing facility and will increase its production capacity tenfold to help begin to satisfy unmet customer demand.
About American Aerogel
American Aerogel Corporation, based in Rochester, NY, is a leading advanced materials company engaged in the manufacture and sales of its patented aerogel material. Their products have a vast array of applications and are currently being used for high performance thermal insulation. www.americanaerogel.com
About VIMAC Ventures
Based in Boston, MA, VIMAC has been investing in early stage technology companies for over 15 years. It invests in IT, biotech and cleantech companies in the eastern US and Canada and takes an active company-building role in the portfolio companies. The firm invests early in the lifecycle of the startups and provides continued support until they mature. The firm currently manages over $220 million in assets. www.vimac.com
About Mount Royal Ventures
Based in Boston, MA, MRV is a private investment group with investors from both the US and Europe. MRV's focus is primarily on early stage companies in the renewable energy and energy conservation industry, where the firm can take a hands-on approach in its investments.
Press Release Contact Information
Andrea Young, AMERICAN AEROGEL CORPORATION, 460 Buffalo Road, Rochester, NY 14611, (585) 328-2140, x14, firstname.lastname@example.org