Oxford-based Plantd, which has a technology to turn perennial grass into building materials and is led by a former SpaceX manager, says it raised $22 million in its second major funding round.
The Granville County company said it will soon be announcing a new commercial partnership that involves a second product. It did not identify the partner or its latest investors.
Its website says the company, formed in 2021, has 110 employees, including seven former SpaceX engineers, and had previously raised $20.6 million.
“This round is more than capital — it’s momentum,” CEO and co-founder Nathan Silvernail said in a release. “We’ve proven that sustainability and scalability can grow together, and this next chapter enables us to deliver on a zero-waste vision while creating American manufacturing jobs that drive real climate impact.”
PlantD raised $10 million in 2022, with the company then valued at $65 million, according to the TechCrunch news publication. Investors then included American Family Venture, IDEA Fund Partners, Twitter co-founder Biz Stone and Palmetto solar CEO Chris Kemper.
The company is selling investors on the concept of an environmentally positive substitute for wood-based lumber. The company says its products will be stronger, more moisture-resistant, and require no alternative installation techniques than traditional ones used in construction.
The company says its technology and operations efforts are led by former engineers at SpaceX, the aerospace company valued at $400 billion and led by Elon Musk. Silvernail is a former SpaceX employee.
PlantD has also noted that the grass used in its production may provide a new source of revenue for North Carolina farmers. The company is projecting to have 20,000 acres under management by 2030.
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.