We already covered the news that Sunnyvale,Calif.-based Serious Materials was in the process of raising a whopping $50 million Series B round. Well the company confirmed today that it has closed that $50 million investment, which was led by New Enterprise Associates (NEA), Foundation Capital and Rustic Canyon Partners.
The five-year-old company previously raised $5 million from Rustic Canyon Partners. Serious Materials CEO Kevin Surace told us these latest funds will go towards building factories to produce the company’s EcoRock green drywall product, which the company hopes to start selling next year. Surace says each plant costs between $10 million and $20 million to build.