A business based near Bristol has secured £2m to develop environmentally friendly construction materials at a global scale.
Adaptavate, which is based at the Vertex Business Park in Emersons Green, South Gloucestershire, has said it is looking to become a “world leader” in low-carbon and carbon absorbing plaster and plasterboard.
The company is currently building a development centre, including laboratories and a pilot line, and accelerating its research to complete testing and licencing programmes for its product Breathaboard. The firm has described the product as “a scalable, carbon sequestering alternative” to plasterboard. Adaptavate said it is made from natural bio materials.
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The firm has completed its latest fundraising round, led by investment firm Counteract, and included other industry experts and investors. The raise builds on its previous seed round announced last year, during which it secured £2.16m.
Adaptavate is now looking to take Breathaboard from its pilot line to buildings’ walls by the end of this year, with its first pilot projects already secured with world leading organisations.
The company said its new funding will allow it to accelerate its ongoing research into carbon negative alternatives to the most widely used construction materials, with the firm saying it was looking to to licence its technology to “the world’s largest” building products manufacturers.
Chief executive and founder Tom Robinson said: “What I am most pleased about is that this funding round was oversubscribed, which shows the appetite for near to market, industrially scalable carbon absorbing technologies -even at an economically challenging time.”
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Richard Barker, partner at Counteract, added: "Adaptavate is a great British innovator with a truly global opportunity. Its products will have an exciting role in helping to decarbonise the construction industry. Tom and his team have made incredible progress to date and have developed a range of high-value foundational IP.
“Counteract is happy to have supported Adaptavate's growth to date and also to have led this fundraising round, which will now allow it to begin commercialising its novel, low carbon, drop-in replacement for carbon intensive plasterboard."