X-Frame™ Pty Ltd Successfully Completes Maiden Capital Raise
X-Frame™ Pty Ltd (X-Frame™) are pleased to announce the successful completion of its maiden capital raise of $485,000 via the Innovyz Circular Economy investors. This raise will enable the company to capitalise on strong client interest and opportunities, both nationally and internationally.
X-Frame™ was developed by Ged Finch at Victoria University in Wellington band commercialised in conjunction with Innovyz, a commercialisation specialist, KiwiNet, Wellington UniVentures, and through a Circular Economy focused commercialisation programme run in 2020 by Green Industries South Australia.
X-Frame™ is based on a vision to create a modern lightweight timber frame construction system that achieves circularity. X-Frame™ uses 25% less material than standard timber wall framing, is carbon negative and rapidly recoverable. It is the ambition of X Frame to eliminate end-of-life construction waste by making possible material recovery and reuse.
Constructed from CNC (computer numerical control) machined plywood, the X-Frame™ system comprises 12 core components that when interlocked form a structural self-braced frame. X-Frame™ panels simply click together with a rubber mallet for rapid assembly in a range of applications.
X-Frame™ is unique in that framing is modular, reconfigurable and adaptable in place, simple in its design and incredibly precise.
Funds raised will assist to progress design and development across multiple applications, grow strategic partnerships, secure a pipeline of projects and generate ongoing revenue. It is anticipated that following this capital raise, X-Frame™ will be cash flow positive within 12 months.
“X-Frame’s™ progress has been rapid; our initial focus has been on developing design tools, building and testing the system, forming strategic partnerships, and developing online platforms that will facilitate the seamless use of X-Frame™ from design to construction” said X-Frame™ General Manager, Carsten Dethlefsen.
“Funds raised will be utilized to further develop X-Frame’s™ product suite and the online platform needed to take these products to market”.
“X-Frame™ continues to receive strong interest from a broad client base. We will now be able to captialise on this interest to meet client demands across commercial office and modular building requirements”.
“This is a huge milestone for the X-Frame technology” inventor of X-Frame™ Ged Finch reflects. “The system started as a small-scale model on my desk at architecture school back in June 2017 and at the time the idea of an entire building made of recyclable and recoverable plywood members seemed impossible.”
“After more than four years of toil it’s incredibly motivating to see this vision being adopted by the industry and supported by investors who believe the building industry can do better.”
X-Frame’s™ early growth was underpinned by strong support from Wellington UniVentures, the commercialisation office at Victoria University of Wellington, with pre-seed funding from the Kiwi Innovation Network. “We are thrilled to see the continued growth trajectory for X-Frame™ with their recent capital raise,” says Hamish Findlay, General Manager Commercialisation at Wellington UniVentures.
“There has never been a better time to see more sustainability in the building industry, and X-Frame™ continues to position itself positively to make the most of this.”
“Innovyz saw something special in the innovator Ged Finch, the Uni Ventures team and the potential of the initial innovation. The team collectively built on this early-stage concept to build prototypes, secure industry interest and early adoption to create a compelling case for our investor network over a relatively short period of time”, says Brett Jackson, Chairman of Innovyz Pty Ltd.