Airbus Ventures Invests in OROS Labs®, Creators of Solarcore® Insulation, in $22M Series B Funding Round
Airbus Ventures announces its investment in OROS Labs, an innovative thermal solutions company, which has raised $22 million to support the company's expansion in consumer, commercial, and government industries. This round of funding was led by Airbus Ventures, with participation from REI Co-op Path Ahead Ventures, Platinum Mile Ventures, Culper Ventures, Crumpton Ventures, Iron Gate Capital Advisors, Enlightenment Capital, CTK and the Goldwin Play Earth Fund, among others.
Solarcore® leverages the thermal properties of polymer aerogel, the world's lowest thermally conductive solid, to revolutionize insulation for a multitude of applications ? from structures and packaging to cold weather apparel. For aerospace and space in particular, thermal insulation materials and thermal management are operationally critical. By combining cutting-edge technology with innovative design, Solarcore® is setting a new standard for thermal efficiency, along with being durable, versatile and applicable to many different product categories.
"From our earliest exchanges with Michael and Rithvik, we were instantly attracted by OROS Labs' potential to serve a wide array of dual-use applications. With the flexible design of its thermal product suite, Solarcore® represents the most versatile aerogel materials ever made," remarks Nicole Conner, Airbus Ventures Partner. "We are proud to lead OROS Labs' Series B round, and to bring the OROS Labs team into the Airbus Ventures portfolio."
"The support from our investors in this Series B funding round strongly reflects our ambition to reinvent a field that has seen limited innovation," said Michael Markesbery, co-founder and CEO at OROS Labs. "This investment opens doors for us to pursue strategic partnerships, bolster our manufacturing capabilities, scale our product offerings, and advance our research and development efforts to continue introducing groundbreaking materials to the market."
"The confidence of our new investors, dedicated to strengthening our networks within the aerospace, defense and heavy industry verticals broadly, will help equip us with the expertise necessary to revolutionize the once stagnant thermal insulation category," added Rithvik Venna, co-founder and COO at OROS Labs. "Bringing along our partners for this next phase of our strategic growth will be critical in advancing our team, products, and results."
Solarcore® continues market expansion through key strategic partnerships with the U.S. Department of Defense and renowned consumer footwear brands, such as Merrell and L.L. Bean, showcasing the advantages of its technology across government and consumer industries. One example includes its new collaboration with the U.S. Department of Defense, where Solarcore® is set to transform the Army's cold weather tactical shelters, offering enhanced heat retention, reduced weight, and improved efficiencies in transportation and setup. With the Defense Department investing billions annually in heating and cooling tactical shelters, the adoption of Solarcore® presents significant cost-saving opportunities, and operational and carbon footprint benefits.
Additionally, OROS Labs has recruited an incredible team of advisors and leadership, including Jim Ryan, former CEO and Chairman of WW Grainger; Mike Brown, former CEO of the Defense Innovative Unit; Happ Klopp, founder of The North Face; Hank Crumpton, CEO of Crumpton Global LLC and former head of the CIA's National Resource Division; Rodney Faraon, Partner and Chief Creative Officer at Crumpton Global LLC; and Jeff Jordan, general partner at Andressen Horowitz.
Solarcore® has built an impressive leadership team, with deep experience in materials, innovation, business development and marketing from industry leading companies, including Teledyne FLIR, The North Face, icebreaker, Columbia Sportswear, Adidas, and more.
About OROS Labs®
OROS Labs is a materials technology company developing the most advanced thermal insulation on the planet. We took NASA's well known Aerogel technology and patented ways to infuse into products that deliver best-in-class thermal efficiency.
About Airbus Ventures
Headquartered in Silicon Valley, with offices in Toulouse and Tokyo, Airbus Ventures is a fast-moving, early-stage venture capital company that independently funds and supports startups set to shift both the aerospace industry and our planetary system to a sustainable future. Airbus Ventures has helped aspiring innovators reach new dimensions of achievement since 2015.
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