Climate tech startup DexMat has just announced a $3 million seed round to support its aim of achieving carbon reduction at a multi-gigaton scale.
DexMat specializes in high-performance carbon materials that can altogether replace carbon-intensive materials, such as copper, aluminum, steel, Keviar and others, with the company’s flagship product being GalvornTM.
With the help of this new funding round that was led by Shell’s corporate venture capital arm, Shell Ventures, Galvorn products will potentially be able to result in the reduction of up to 3 gigatons of CO2 per year globally.
These estimates are the result of Shell’s life cycle analysis (LCA) of DexMat’s products and show great promise for the decarbonization of notoriously hard-to-abate sectors.
The company’s high-performance Galvorn is made up of advanced carbon nanomaterial that can be used to form a wide range of products, including cables, yarn, tape, woven fabrics and many other three-dimensional structures across numerous applications and industries.
Some of its qualities include flexibility, extremely light weight, high strength and corrosion resistance, which make it superior to existing alternatives made from metals like steel and aluminum or even from carbon fiber.
Since it was founded in 2015, DexMat has managed to double its annual commercial sales revenue from Galvorn products.
And in addition to the news of this latest funding round, the company has also appointed a new CEO – Bryan Guido Hassin, who was previously on the board of directors.
Hassin has been at the head of several climate tech startups so far and recently also co-founded Third Derivative, which is currently one of the world’s largest climate tech ecosystems and startup accelerators.
“Before joining DexMat, as CEO of Third Derivative, I was introduced to easily over 2,000 innovative new concepts and technologies. DexMat’s solution was one of the most impactful I came across, which is precisely why I’m so excited to be joining the team,” Hassin commented on his new role at the company.