- Total Equity Funding
- $14M in 2 Rounds from 3 Investors
- Most Recent Funding
- $4M Debt Financing on January 28, 2016
- Troy, New York
- Ecovative Design is a biomaterials company focused on the development of innovative materials from natural growth processes.
- Eben Bayer, Gavin McIntyre
- Advanced Materials, Sustainability, Innovation Management
Eben Bayer and Gavin McIntyre were fascinated by mushrooms growing on wood chips, and observing how the fungal mycelium strongly bonded the wood chips together. This inspired them to think of new ways of using mycelium as a resin. In a class at Rensselaer, called Inventor's Studio, they applied this new process for binding together insulating particles, creating Greensulateâ„¢. Rather than just decreasing the environmental impact of conventional polystyrene foams, this invention creates a whole new paradigm where composite materials are literally grown, harnessing the incredible efficiency of nature.
Shortly after founding the company, they won small grants from the American Society of Mechanical Engineers (ASME) and the National Collegiate Inventors and Innovators Alliance (NCIIA). This funding was used to create initial samples of the material. This proof of concept enabled the company to win bigger grants from the New York State Energy Research and Development Authority (NYSERDA) and the Environmental Protection Agency (EPA) to further develop the products. Since then, Ecovative has won many more awards and grants that have enabled the company to continue to grow and accelerate toward production of these revolutionary eco-friendly materials.
At Ecovative, we are passionate about sustainability. Thatâ€™s why weâ€™re working with nature to replace unsustainable plastics and foams with natural composites. Using innovative new materials and radical new technologies, our products perform at least as well as current state-of-the-art synthetics, but at a lower cost to both you and the environment.
Funding Rounds (3) - $18MUpdate
|Jan 29, 2016||Boston Tech Flash - Pardon Our Interruption...|
|Jan 26, 2016||SEC - UNITED STATES SECURITIES AND EXCHANGE COMMISSION|
|Nov 14, 2014||CNet - Flying fungus? Decomposable 'bio drone' takes to the skies - CNET|
|Nov 13, 2014||Engadget - Drone made of fungi can disintegrate to keep its spying activities a secret (updated)|
|Nov 8, 2013||FinSMEs - FinSMEs|
|Jan 14, 2013||Bloomberg - In the Fight Against Plastics, Mushrooms Become an Unlikely Weapon|
|May 28, 2012||TechCrunch - F50: A Different Kind Of Tech Conference|
|May 24, 2011||FinSMEs - FinSMEs|
60 Cohoes Ave.
Troy, New York 12183