Quietly, a company printing future coral reefs in Raleigh has closed on $3.5 million in new funding.
Natrx, which deals in coastal resilience and restoration solutions, from seawalls to man-made reef structures, plans to use the capital to scale, said CEO Leonard Nelson. That means building out planned facilities in Louisiana and Hawaii, but it also means looking for additional space in North Carolina, both in Raleigh and potentially on the coast, Nelson said.
Right now, the Raleigh facility produces about 4,000 tons a year of the company's proprietary printed concrete materials. Adding two additional sites in Louisiana and Hawaii could mean an additional 50,000 tons, he said Thursday.
Its proprietary “Dry Forming” method involves crates of powder being injected with needles of liquid.
In addition to 3D printing, the company has a major AI component. Its platform assesses landscape challenges for companies, and it recently won a $1 million National Science Foundation grant to continue that work.
Natrx is creating artificial reefs in Raleigh - Here's how it works
Nelson said the firm was able to sell investors on its story, despite funding headwinds entrepreneurs are feeling.
“It’s true there was a big disruption around the collapse of (Silicon Valley Bank) that had some reverberations around the growth equity and venture markets, but I do think people are out there looking for good deals,” Nelson said.
The raise, which was led by Ponderosa Ventures and Oval Park Capital, brings the firm’s total outside funding to $5.2 million. Other investors include Fulcrum Financial Partners, Silverstrand Capital and TITAN Cement, according to the company. Triangle Tweener Fund has also backed Natrx.
Natrx was cofounded by Nelson and Matt Campbell. The company, at 12 full-time employees, is hiring.
