PORTLAND, Ore. (April 3, 2024) – OROS Labs- www.oroslabs.com, an innovative thermal solutions company, announced the closure of its Series B funding round, raising $22 million to support the company’s expansion in consumer, commercial and government industries. The 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®-www.solarcore.tech, leverages the thermal properties of Aerogel, the world’s lowest thermally conductive solid, to revolutionize insulation for a multitude of applications – from structures and packaging to cold weather apparel and footwear. By combining cutting-edge technology with innovative design, Solarcore sets new standards for thermal efficiency, along with being durable, versatile and applicable to many different product categories.
“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.”
“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.”
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. Examples of those partnerships include:
- In collaboration with the U.S. Department of Defense, 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, operational and carbon footprint benefits.
- In the consumer sector, at the most recent Fall 2023 ISPO trade show, Solarcore received a Textrends award selection highlighting the most innovative materials and innovations in the sport and outdoor industry. Solarcore can be found in a variety of footwear products at Merrell, LL Bean and others. Solarcore will continue to prioritize the expansion of partnerships with footwear, apparel, and accessory brands that recognize the remarkable advantages of the Solarcore ‘More warmth. Less Bulk’ promise.
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.
For more information, please visit: oroslabs.com. For media inquiries, please contact Senior PR Manager Kevin McCormack kevin.mccormack@rygr.us
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.
Contact: Kevin McCormack
970.924.0704 ext. 2101
###
