Novoloop has developed a process that breaks down polyethylene waste into monomers and synthesizes higher-value thermoplastic polyurethane (TPU) branded as Lifecycled TPU. The company completed a demonstration plant test run capable of producing up to 70 metric tons per year and reports strong demand — "literally every time we make something, we’re sold out," CEO Miranda Wang said. Its material has been used by running-shoe maker On for the tread of the Cloudprime sneaker. Novoloop says the upcycled material is more expensive than virgin TPU but "within range." The firm has also added a business line mechanically recycling TPU factory scraps and adding performance enhancers to make recycled TPU perform more like virgin material. On the heels of the demo run, Novoloop is preparing plans for a larger commercial facility and is evaluating building alongside existing chemical plants to leverage land and utilities. Novoloop develops proprietary ATOD (Accelerated Thermal Oxidative Decomposition) chemistry to upcycle polyethylene and other plastic waste into high-performance chemicals and materials, including its first product Oistre, a thermoplastic polyurethane (TPU). The TPU targets durable applications such as shoes, apparel, sporting goods, electronics and automotive components and the company says its product can have up to a 46% smaller carbon footprint versus conventional TPUs. Founded in 2015 by Jeanny Yao and Miranda Wang, Novoloop plans to scale its chemical process above the 1 metric ton scale and to establish a feedstock pretreatment unit in California later this year to accelerate pilot customer deliveries. The startup has disclosed total funding of $24 million, including an $11 million Series A earlier in February and a $10 million Series A extension reported here. Strategic partners and investors are expected to support process development, feedstock sourcing and market access as the company moves toward commercialization. Novoloop emphasizes creating a circular economy for plastics by turning contaminated, low-grade post-consumer waste into commercially usable materials. Novoloop has developed a proprietary process called ATOD™ (Accelerated Thermal Oxidative Decomposition) to break down polyethylene into chemical building blocks that can be synthesized into high-performance products. Its first commercial product is Oistre™, a recycled thermoplastic polyurethane (TPU) aimed at footwear, apparel, sporting goods, automotive and electronics markets. The company says Oistre can have a carbon footprint up to 46% smaller than conventional TPUs. Novoloop was founded and is led by two scientists, Jeanny Yao and Miranda Wang, who have worked on the technology for over five years. The company is partnering with Bemis Associates for product applications such as seam tapes in high-performance outerwear. Novoloop positions itself to compete with incumbent TPU producers like BASF, Covestro, Lubrizol and Huntsman and to disrupt an industry where roughly 99% of TPUs are made from virgin fossil feedstocks.

Total raised

$42M

Funding rounds

3

Latest round

Series B

Latest activity

Jun 2025