Building on UMCP research, PaverGuide supplies a base material for laying paved surfaces made from recycled plastic rather than stone.
PaverGuide, a US-based pavement base material developer based on University of Maryland, College Park (UMCP) research, obtained $650,000 in a round today co-led by a $300,000 contribution from University System of Maryland’s Momentum Fund.
UMCP-backed seed vehicle Chesapeake Bay Seed Capital Fund also invested $300,000 to co-lead the round, with the remaining $50,000 supplied by investment firm Pin Oak Capital.
Chesapeake Bay Seed Capital Fund is funded by the Maryland Technology Enterprise Institute – which is based at UMCP’s A. James Clark School of Engineering – in partnership with Maryland state’s Department of Natural Resources.
Founded in 2015, PaverGuide supplies a base material for laying paved surfaces such as sidewalks or roads. The material is made from recycled plastic and contains a hollow chamber intended to manage stormwaters containing abrasive chemicals that run off impervious pavements made from stone.
PaverGuide does not appear to have previously disclosed equity funding, though it did secure a grant from a Salisbury University-run competition in 2015.
