University of Central Lancashire spinout Alusid has raised capital from Frontier IP to help fund a new factory for its building material made from recycled glass and porcelain.
Alusid, a UK-based recycled construction materials spinout from University of Central Lancashire, obtained £1.3m ($1.8m) in funding on Tuesday backed by commercialisation firm Frontier IP.
Unspecified new and existing investors also took part in the round, which valued Alusid at $6.4m post-money. Frontier IP participated by converting an existing $460,000 loan into equity.
Founded in 2012, Alusid has concocted a building material branded SilicaStone, used as part of interior or exterior surfacing products such as table tops and tiling.
SilicaStone is wholly made from recycled glass and porcelain, saving waste that would otherwise pack landfills. It can currently be purchased in four surfacing products offering customers a range of aesthetic options.
The capital will go towards the design, planning and location of a new factory. Alusid and its investors are considering options including an IPO to ensure the factory is production-ready by 2020.
Alusid previously piloted a production line in partnership with ceramic equipment producer Sacmi, which will also assist with the design of its new factory.
The spinout emerged out of University of Central Lancashire’s Silicate Research Unit, whose research covers materials such as ceramics, glass and refractory concretes.
Alusid was preparing to secure its first funding round with backing from Frontier IP in 2015, but further details could not be ascertained.
