Climate tech
Q3 202425.07.2024

Advanced materials (2024)

Picture of Éanna Kelly

Éanna Kelly

at Sifted

One of the big challenges for the world is to develop new building blocks with methods that limit their environmental toll. Look at fashion, for example, which is in desperate need of new, climate-friendly components. The industry, which produces items of clothing that can cost less than a sandwich and will probably end up in landfill for 200+ years, is said to be responsible for 10% of global CO2 emissions — more than flights and shipping combined.

But as ever with efforts to be more sustainable, things are complicated. Many new materials are ultimately harder to recycle with the technology currently available. Change is hard to achieve, something we were sharply reminded of this year, following the failure of Sweden’s Renewcell — a company we deemed a "success story" in our last advanced materials briefing, no less. The creator of the world’s first industrial-scale textile-to-textile recycling plant went bankrupt because of lukewarm uptake from the market (more on this below).

No one can say this is the fastest pocket of startup land: it can take decades for materials to go from discovery to the market. Along the way, startups need to work with huge incumbents and navigate messy supply chains.

But could generative AI (GenAI), the technology that finds its way into all conversations lately, help speed things along? Google DeepMind, for one, says it has come up with computational shortcuts for developing new materials. And our top startup below also feels it can bring the tech to bear on the physical world. So, who knows? Maybe the next novel material will owe its origins to a well-framed user prompt.

20 startups to watch

  • CuspAI logo

    Sifted score

    8.88
    -

    CuspAI

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2024

    • HQ

      Cambridge, United Kingdom

    • Latest round

      Seed
      €27.3m / Jun 2024

    • Total funding

      €27.3m

    View company profile
  • Fairmat logo

    Sifted score

    8.64
    -

    Fairmat

    Recycling carbon fiber for sustainability.

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2020

    • HQ

      Paris, France

    • Latest round

      Series A
      €34m / Nov 2022

    • Total funding

      €42.6m

    View company profile
  • Again logo

    Sifted score

    7.61
    -

    Again

    Sustainable reusable packaging for groceries

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2020

    • HQ

      Søborg, Denmark

    • Latest round

      Series A
      €39.1m / Jul 2024

    • Total funding

      €135.4m

    View company profile
  • Traceless materials logo

    Sifted score

    7.25
    -

    Traceless materials

    • Strong investor(s)
    • Hiring

    • Year founded

      2020

    • HQ

      Hamburg, Germany

    • Latest round

      Series A
      €36.6m / Sep 2023

    • Total funding

      €39.9m

    View company profile
  • Ecolocked logo

    Sifted score

    6.97
    -

    Ecolocked

    • Strong investor(s)

    • Year founded

      2021

    • HQ

      Berlin, Germany

    • Latest round

      Seed
      €4m / Jun 2024

    • Total funding

      €5.8m

    View company profile

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