FibeRio, a US-based developer and manufacturer of a nonwoven material, has raised $13m from two strategic investors after research commercialised from the University of Texas System’s university venturing fund.

Saudi Basic Industries Corporation’s corporate venturing unit, Sabic Ventures, and Aster Capital Partners, a multi-corporate venturing fund sponsored by France-based industrial group Solvay, Schneider Electric and Alstom, led the investment in FibeRio.

James Wilson, of Sabic’s Innovative Plastics Strategic Business Unit, and Todd Dauphinais, partner at Aster Capital, will join the…

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