Diamond Edge Ventures (DEV), the US-based investment arm of Japan's Mitsubishi Chemical, has invested in Boston Materials, an American start-up in the production of key materials for semiconductors, aerospace components and automotive components.
Boston Materials has developed a manufacturing process that produces a new class of materials that are as functional and durable as steel but as light as plastic. The core technology, Z-axis Fiber, uses vertically aligned carbon fibers and has the potential to be used in the thermal management of composite materials in all industries and applications.
DEV co-led the company's $13.5-million funding round with AccelR8, a Boston-based venture capital fund. The funding also included participation from Valo Ventures, Gatemore Venture Partners, Collab Fund, and Woori Venture Partners.
“Mitsubishi Chemical Group's materials and innovation facilities provide Boston Materials with the opportunity to further develop materials and applications using our Z-axis Fiber technology. DEV's strategic investment confirms the value of our materials to MCG's industry partners and customers in electronics, automotive, and aerospace,” said Anvesh Gurijala, founder and CEO of Boston Materials.
Source: Mitsubishi Chemical
