Bolt Threads, a US-based advanced materials producer that counts diversified conglomerate Nan Fung as an investor, has increased its series D round to $123m.
The series D round was led by investment firm Baillie Gifford led and included financial services group Fidelity Management and Research Company, venture capital firm Founders Fund, Singaporean state-owned investment firm Temasek and Builders, the fund formed by VC firm Formation 8.
The company had raised $56.8m in funding as of October 2017 according to a regulatory filing, and had targeted a close of $106m for the round, TechCrunch had reported.
Bolt Threads is working on programmable fibres and fabrics that can be used in advanced clothing. The series D capital will fund additional development and the commercialisation of its technology.
The company raised $50m in a mid-2016 series C round led by Formation 8 and backed by Nan Fung, Innovation Endeavors, East West Capital, Alafi Capital, Foundation Capital and Founders Fund that took its total funding to $90m.
Dan Widmaier, co-founder and CEO of Bolt Threads, said: “With this capital, we will continue to refine our processes, and we look forward to a number of exciting brand partnerships and products slated for 2018.”