AROUND THE NETWORK: Boston Materials Secures $12 Million From Good Growth Capital and Strategic Partners GS Group and PTT Global Chemical

Boston Materials, a leader in high-performance materials, recently announced that the company has raised a $12 million Series A2 round led by Good Growth Capital. The round also includes new strategic investor and BuiltWorlds member GS Group and PTT Global Chemical, which will provide important supply chain relationships and unlock customers in new geographical regions. The new funds will support Boston Materials’ continued growth, increasing manufacturing and engineering operations at the new factory in Billerica MA, and expanding product adoption with existing and new customers.

Known for its patented Z-axis Fiber™ technology, a lightweight material produced from 100% reclaimed carbon fiber with significant energy dissipation properties, Boston Materials enables manufacturers of industrial and consumer products to create highly differentiated, energy-efficient products that have a low carbon footprint. The manufacturing scale of Z-axis Fiber enables Boston Materials to formulate products for a wide range of applications that are cost-effective to deploy at high volumes.

A global emphasis on decarbonization in transportation and proliferation of industrial and consumer electronic devices has reinforced demand for Boston Materials’ innovative technology. With more brands continuing to focus on delivering quality, sustainable products to customers, Boston Materials’ Z-axis Fiber enables manufacturers to meet those needs. Currently, Z-axis Fiber has an addressable market of over $450 billion with applications including weight reduction of automobiles, improving the performance and reliability of electronics through efficient thermal management, reducing the weight and cost of hydrogen fuel cells for clean transportation, and more.

Strategic investors GS Group and PTT Global Chemical will provide important supply chain relationships and access to customers in new regions. Both organizations see tremendous value in Boston Materials’ Z-axis Fiber technology in enabling decarbonization and improved sustainability across the energy, electronics and transportation sectors.

“Boston Materials’ commercial focus in thermal management and hydrogen fuel cells highly aligns with GS Group, considering our interests within the energy sector, and the current demand for innovations in clean energy within the South Korean market,” said Taehong Huh, Managing Partner at GS Futures, the corporate venture capital arm of GS Group. “As a Fortune Global 500 organization with annual sales of US$44 billion and business presence across 32 countries, GS Group is a global leader with diversified operations spanning energy, utility, retail, and infrastructure.”

We will be talking about all things Venture-related and more at our upcoming Venture West Conference in San Francisco, CA on March 20-22, 2023. BuiltWorlds Venture Conference has been the world’s premier conference focused on venture investing in construction and built environment-related emerging technology. Leading fund investors, strategic investors, and startups gather each year to take the pulse of the industry’s startup ecosystem at the BuiltWorlds Venture Conference. Hope to see you there!




BuiltWorlds “Around the Network” Briefings offer BuiltWorlds Members an opportunity to keep the Community informed of their own initiatives, resource offerings, and other things they are excited to share about or collaborate around. We generally pull these posts as “highlights” from Member Company PagesInnovation Exchange Posts, and other places our members share with us what they are up to.


BuiltWorlds is the buildings and infrastructure industry’s leading professional network for open innovation, keeping companies in the worlds of engineering, construction and related fields informed and connected, and helping them find avenues to collaborate for their own strategic success and for the betterment of the industry, as whole. For more information about BuiltWorlds, visit the BuiltWorlds Network  or sign up for the BuiltWorlds Newsletter to stay connected to the Community for free.