The high tech cold-weather apparel company Oros has secured $14.5 million from its most recent fundraising round.
This capital will go toward the production of Oros’ new insulated material set to launch in a clothing line in 2022, according to Thursday’s press release. Specific details on the material were not released, but the company will use NASA technology in the insulation as it has in the past.
This new insulating fiber was first made about a year ago after many years of development, according to co-founder and CEO Michael Markesbery.
“The vision of this company has been a lot bigger than thinner and warmer outerwear,” Markesbery said. “It has been to create a technology that can power a long-sleeve shirt that can keep you warm subfreezing. That’s been our goal.”
These funds will be used to further refine the new material, create new products and invest in a manufacturing facility in the U.S. The brand hopes to produce the material in house.
The round was led by Elizabeth Street Ventures and Enlightenment Capital, two investors Markesbery felt represented the brand.
“It was very important for us to have two co-leads representing both parts of our business,” Markesbery said. “Oros is equal parts material technology company and performance apparel brand.”
Other investors include venture capitalist and entrepreneur Thomas Tull, chairman of Snap Inc. Michael Lynton and Brandon Shainfeld. Several of the investors were already connected with Oros, but the company also picked up new venture capitalists during this round.
Before the pandemic, the fundraising process was typically an in-person experience. This was the first capital raise Oros has done remotely.
“That was pretty surreal,” Markesbery said. “It was very interesting and a great learning experience.”
The press release announced that venture partner at Elizabeth Street Ventures Rachael Ulman was appointed to the Oros board of directors. Ulman is also the founder and CEO of 27 Edge. Hap Klopp, industry veteran and former North Face owner, will also be serving as board observer.
“Since meeting Oros’ founders, Michael Markesbery and Rithvik Venna, several years ago, I’ve been amazed by the potential of their advanced materials science technology for the apparel and accessories market, but also for the broader insulation industry,” Ulman said in the release.
The company, originally based in Ohio, created its first groundbreaking insulation material in 2015. The Solarcore insulation lining their apparel today uses Aerogel, a material that NASA uses to insulate spacecraft. Now it strives to shake the industry again.
“I strongly believe we’re on the cusp of something groundbreaking: recreating the category of insulated products for the industry,” Jeff Nash, chief technology officer and VP of product, said in the release.
