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Aspen Aerogels Raises $37 Million

Aspen Aerogels, a Northborough, Mass.-based nanotech company focused on insulation materials, has raised $37 million in fourth-round funding. Arcapita Ventures led the round, and was joined by return backers Lehman Brothers Venture Partners Reservoir Capital Group and RockPort Capital Partners. The company had previously raised over $61 million.



Arcapita Ventures announced today that it has led a $37 million round of investment in Aspen Aerogels, Inc., a leading provider of advanced insulation materials. Joining Arcapita in the round were existing investors Lehman Brothers Venture Partners, Reservoir Capital Group and Rockport Capital Partners.

Aspen's aerogel-based insulation is up to eight times more effective than incumbent materials, and is used in a variety of global markets, including oil and gas, building and construction, transportation, appliances and outdoor gear and apparel. The company's technical advances are protected by a significant intellectual property portfolio of patents and cross licenses. Aspen's world-class manufacturing facilities serve customers such as Exxon Mobil, Technip, Aerogel Korea, Samsung, British Gas, Salomon, Praxair, Bredero Shaw, Boeing and Saudi Aramco.

Aspen's proprietary aerogel technologies and manufacturing processes have the potential to redefine large portions of the $30 billion global insulation market, said Ramsay Battin, Director of Arcapita Ventures, who will join the Aspen Aerogels Board of Directors. We believe the macro environment for this type of advanced insulation material is extremely favorable, and the past twelve months have marked a period of increasing momentum for the company with new and existing customers across a variety of industries.

Don Young, President and CEO of Aspen Aerogels, said, We're delighted to have Arcapita Ventures join our investor syndicate. Arcapita brings a unique blend of global reach, industry expertise and highly relevant contacts within the firm's broader portfolio of private equity, real estate and asset-based investments.

About Arcapita Ventures

Arcapita Ventures, the venture capital arm of Arcapita Bank B.S.C.(c), partners with outstanding entrepreneurs to build market-leading companies. Arcapita Ventures focuses on growth-stage enterprises across the United States in the healthcare, information technology, and industrial technology sectors. Arcapita Bank, a leading international investment firm with offices in Atlanta, Bahrain, London, and Singapore, has completed 70 transactions with a total value exceeding $23 billion in the venture capital, private equity, real estate, and asset-based markets. Contact Arcapita Ventures at (404) 920-9000, via e-mail at, or on the web at

About Aspen Aerogels

Aspen Aerogels supplies reinforced, nanoporous aerogel insulation products that are up to eight times more effective than other insulation materials. Aspen Aerogels' insulation solutions deliver thermal and other benefits that enable customers to conserve energy and save money in a variety of industries including: oil and gas production and processing, LNG shipping and storage, outdoor apparel, building and construction, appliance, transportation, military, and aerospace. Visit for details.