Diamond Edge Ventures (DEV), the US-based investing arm of Japan’s Mitsubishi Chemical, has invested in Boston Materials, a US startup manufacturing critical materials for semiconductors, aerospace parts and automotive components.

Boston Materials has developed a manufacturing process that produces a new class of materials that are conductive and durable like metal yet light like plastic. The underlying technology, Z-axis Fiber, uses vertically aligned carbon fibers and has the potential to be used in thermal management applications for composite materials across many industries and applications.

DEV co-led the company’s $13.5-million financing round with AccelR8, a Boston-based impact venture capital fund. The financing also included participation from Valo Ventures, Gatemore Venture Partners, Collab Fund, and Woori Venture Partners.

“Mitsubishi Chemical Group’s materials and innovation resources offer Boston Materials the opportunity to further co-develop materials and applications using our Z-axis Fiber technology. DEV’s strategic investment validates the importance of our materials to MCG’s industry partners and customers in electronics, automotive, and aerospace,” said Anvesh Gurijala, founder and CEO of Boston Materials.

Source: Mitsubishi Chemical