FenX, a spin-off from ETH Zurich supported by the NCCR Bio-Inspired Materials, has successfully closed a Series A funding round, raising CHF 8.2 million. This funding will help the company accelerate the development of sustainable mineral foam insulation for buildings, enhance strategic partnerships, and launch new product lines.

Founded in 2019 and led by CEO Etienne Jeoffroy, FenX creates insulation panels that are described as "stones made of 98% air." These panels replace conventional materials like mineral wool and polystyrene with low-energy, circular, and fire-resistant solutions. FenX has implemented an asset-light business model that allows customers in the construction insulation industry to deploy production units designed in collaboration with FenX’s machinery partner, MASA WhiteHub. Industrial partners license FenX technology and receive customized foaming additives tailored to their mineral feedstocks. This model facilitates the deployment of decentralized production units, with the first commercial factory set to launch in Spain by the end of 2025.

The CHF 8.2 million Series A round was led by Supernova Invest and Move Energy, with participation from the Zurich Cantonal Bank, Cimsa, 4see ventures, the ETH Foundation, buildify.earth, and several Swiss and French family offices. According to the investment partners, FenX’s rapid scaling and technology impact position it as a leading contender to transform sustainable insulation in the built environment. The company had previously closed a seed financing round worth CHF 2.1 million in 2021.

The original concept of particle-stabilized foam using sustainable materials at FenX was developed in the laboratory of Professor André Studart, a Principal Investigator at the NCCR Bio-Inspired Materials. Support from the NCCR was instrumental in the early research and technology validation, enabling FenX to translate foundational scientific advances into industrial impact and pioneering climate solutions for construction.

FenX has also received recognition through various awards, including the Swiss Technology Award, and has benefited from support by ETH Zurich, Innosuisse, Horizon Europe, and the Swiss Climate Foundation.

Picture: FenX

Original statement: FenX