Oros Labs, a thermal solutions company, reported the closure of its Series B funding round, raising $22M to support the 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 leverages the thermal properties of Aerogel, a low thermally conductive solid for use in insulation applications for structures and packaging, cold weather apparel and footwear.
“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 Co-Founder and CEO Michael Markesbery. “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. “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,” said 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 strategic partnerships with the U.S. Department of Defense and consumer footwear brands, including Merrell and L.L. Bean, showcasing the advantages of its technology across government and consumer industries. Partnership examples include:
- In collaboration with the U.S. Department of Defense, Solarcore is working to “transform” the U.S. Army’s cold weather tactical shelters, enhancing heat retention, reducing weight, and improving efficiencies in transport and setup, offering cost-savings opportunities and operational and carbon footprint benefits.
- In the consumer sector, at the Fall 2023 ISPO trade show, Solarcore received a Textrends award for innovative materials and innovations in sport and outdoor industries. Solarcore is found in various footwear manufactured by Merrell, LL Bean and others.
Oros Labs advisors and leadership include 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.
