OROS Labs, a thermal solutions company known for creating Solarcore, announced the closing of its Series B funding round, raising $22 million to support its expansion in consumer, commercial, and government industries. This funding round was led by Airbus Ventures and participated in by 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, and others.
Solarcore utilizes Aerogel’s thermal properties to transform insulation for many applications, from structures and packaging to cold-weather apparel and footwear. By combining advanced technology with innovative design, Solarcore sets new standards for thermal efficiency, durability, versatility, and application to various product categories.
Solarcore continues market expansion through major strategic partnerships with the U.S. Department of Defense and renowned consumer footwear brands like Merrell and L.L. Bean, showcasing the advantages of its technology across government and consumer industries. Some examples of those partnerships include:
- Solarcore will transform the Army’s cold-weather tactical shelters in collaboration with the U.S. Department of Defense (DoD), offering enhanced heat retention, reduced weight, and improved transportation and setup efficiencies. With the DoD investing billions annually in heating and cooling tactical shelters, adopting Solarcore presents significant cost-saving opportunities and operational and carbon footprint benefits.
- In the consumer sector, at the most recent Fall 2023 ISPO trade show, Solarcore had received a Textrends award selection highlighting the most innovative materials and innovations in the sport and outdoor industry. And Solarcore can be found in a variety of footwear products at Merrell, L.L. Bean and others. Solarcore will continue prioritizing expanding partnerships with footwear, apparel, and accessories.
Plus, 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 Andreessen Horowitz.
KEY QUOTES:
“The support from our investors in this Series B funding round strongly reflects our ambition to reinvent a field that has seen limited innovation. 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.”
– Michael Markesbery, co-founder, and CEO at OROS Labs
“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. Bringing along our partners for this next phase of our strategic growth will be critical in advancing our team, products and results.”
– Rithvik Venna, co-founder and COO at OROS Labs
“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. We are proud to lead OROS Labs’ Series B round, and to bring the OROS Labs team into the Airbus Ventures portfolio.”
– Nicole Conner, Airbus Ventures Partner
