SANTA FE, N.M. (KRQE) – A local startup company that has developed an alternative to ashes after cremation has announced the close of a $1.3 million seed-plus capital raise. The Santa Fe-based company, Parting Stone, develops solidified remains which provides families with an alternative to receiving ashes following human or pet cremation.
The company returns cremated remains as collections of smooth objects similar to stones that Parting Stone says can be shared, displayed, held, or scattered. The raise which was announced on Tuesday in a PR Newswire press release is led by the Arrowhead Innovation Fund along with participation from Lightspeed Scout Fund and Matt King and Caity Kennedy who are co-founders of Meow Wolf.
The raise brings Parting Stone’s total financing to $1.9 million. According to the release, the company will use the investment to expand its network of over 200 local funeral home partners across the country and increase its laboratory in Santa Fe.
The company states in the press release that it has experienced growth during the pandemic and has provided a service to families wanting to memorialize departed loved ones during a time where there were restrictions on gatherings. Parting Stone estimates that solidified remains will capture more than 50% of the cremated remains market share by 2030.
Justin Crowe, founder of Parting Stone reportedly created the company after losing his grandfather in 2014. “The more I talked to people, the more I found it tragic that so many who spoke passionately about their departed loved ones and pets were also storing their ashes in basements, closets, and garages, often for decades,” said Crowe in a press release. “For many, ashes are a persistent source of guilt and frustration.”
The company reports that once it received a grant to work with a Los Alamos National Laboratory team of material scientists, Parting Stone developed a proprietary solidification process and in Oct. 2019 initiated a new form of human remains in beta form. Parting Stone
According to Parting Stone, an average person will yield a collection of 40 to 60 “stones” that range from the size of a thumbnail or up to the size of one’s palm. For each cup of cremated remains, the company will return one cup of solidified remains. Solidification for human remains costs $595 while dogs cost $295 and cats cost $245.