Aspen Aerogels, US-based insulation materials company, has raised 60% of a planned $25m round ahead of its flotation, according to a regulatory filing first seen by news provider Mass High Tech.
In June, just after raising $30m in a similar debt, options and warrants round of financing, Aspen said it wanted to raise $115m in its initial public offering co-managed by investment banks Goldman Sachs and Morgan Stanley.
Although the 17 investors in the latest $15m round were undisclosed, in October 2010 BASF Venture Capital, the corporate venturing unit of Germany-based chemical conglomerate BASF, led a $21.5m investment in Aspen Aerogels as a new investor.
The other members of the investment consortium included venture capital (VC) firms RockPort Capital, Tenaya Capital (formerly known as Lehman Brothers Venture Partners), Reservoir Capital Group, Arcapita Ventures and Argonaut Private Equity.
These VCs had previously invested $37m in Aspen’s extended series B round in June 2008, although an earlier $50m round in May 2005 had been called its series D and included Taijin, a subsidiary of industrial group Tae Kwang.
Taijin and Rockport had invested $8m in June 2002, and the company had raised $4m in May 2001 at its spin off from Aspen Systems.
Aspen Aerogels, founded in 2001, develops and markets as aerogel technology used for insulation products in a variety of markets, including oil and gas; building and construction; outdoor gear and apparel; solar thermal; appliances; and transportation.