Polygon: Building Materials Exchange building materials,exTech building materials
ExTech Building Materials, Inc. (OTCQB:ETM) announced today that it has completed a $8.8 million Series A round of financing led by a new capital partner, the Boston-based Kleiner Perkins Caufield & Byers, the venture capital firm founded by venture capitalist Vinod Khosla.
ExTech is currently the only company in the industry with a dedicated building materials facility.
The financing, led by Kleiner, will allow ExTech to expand into a new business, which it plans to open in the second half of 2018, according to a statement from ExTech.
Extech also expects to add at least 10 new employees to its existing staff by the end of the year.
Exclusivity agreements will also be secured through the second quarter of 2018.
ExTech said in a statement that the funding will help expand its facilities in Massachusetts and to open new facilities in Florida, Illinois, North Carolina and New York.
ExTechnologies, a Boston-area company that manufactures building materials and materials solutions, also received a Series A Series B round in May 2016 from a venture capital fund led by Andreessen Horowitz.
The company has been developing materials solutions for over 15 years, including building insulation, thermal insulation, and air-conditioning systems, among other things.
Extech is the only manufacturing facility to receive a $2.3 million Series B investment from a private equity fund led to a Series C round in 2015.
It has grown from a small-scale indoor-outdoor manufacturing operation to the largest manufacturer of building materials in the country with more than 100 facilities across the U.S. and the U