CHILE (From news reports) -- Chilean pulp producer Empresas CMPC SA is betting on a local startup that is working to create a wood alternative for concrete and steel in the construction industry.
CMPC Ventures, CMPC's venture capital division, led a $5.2 million investment in Strong by Form, a Chilean startup that develops wood panels that it claims can be used in construction and even in the automotive industry, according to a press release.
Strong by Form said its wood panels achieve the strength of concrete with one tenth of the weight, and also use less trees than cross laminated timber products, according to the statement.
Strong By Form didn't report a valuation of the company. Other investors included CiRi Ventures, France's MAIF Avenir Ventures and Teampact Ventures, among others. The company will use the funds to continue developing its products and build a production facility. Strong by Form said, without providing further details, that its also working on partnerships with Deutsche Bahn and the BMW Group.
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