UK-based Material Evolution secures €3M to create Smart Concrete made from hyper local waste streams | Silicon Canals
Material Evolution, a Middlesbrough-based company that applies machine learning to the construction industry for the formulation of smart and sustainable concrete, announced that it has raised $3.4M (approx €3M) in its Seed round of funding.
The company’s total funding includes $1.7M (approx €1.5M) in Seed investment and $1.7M (approx €1.5M) in grant funding.
Investors in this round
The round was led by London-based Playfair Capital with participation from At One Ventures, The Heritage Group, and SkyRiver Ventures. A number of angel investors from the construction industry including The Applebridge Construction Group and Milestone Construction also participated in this round.
Speaking on the development, Tees Valley Mayor, Ben Houchen says, “From carbon capture to developing hydrogen as a fuel of the future, Teesside is ground zero for net zero. In research centres and startups across Teesside, Darlington, and Hartlepool we are developing the technologies that will be pivotal to reaching the Government’s ambitious goal of the UK being net zero by 2050. By investing in cleaner, healthier and safer industries we’re securing thousands of high-skilled, well-paid jobs for local people.”
The grant award came from Innovate UK, part of UK Research and Innovation, and their Transforming Foundation Industries Challenge.