Naples, Fla.-based rubber recycler Lehigh Technologies has finished a series E round of funding, squeezing out another $34.5 million and adding Index Ventures and Kleiner Perkins Caufield & Byers to its list of investors.
The company started producing rubber powder out of recycled tires a year ago. Lehigh's process involves freezing old tires with liquid nitrogen, then putting the frozen tires through a mill in high velocity, turning the rubber into a fine powder. That powder can be used in paints, shoes, plastics, carpets, and tires.
Through this process, Lehigh says it can make rubber powder for half the price of synthetic rubber.
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