SAN FRANCISCO - Green building materials start-up Serious Materials raised $60 million in a third round of funding and plans to use the money to accelerate product development.

The Silicon Valley company develops and manufactures green construction materials that save energy and cost, such as its insulated windows and glass, which can reduce heating and cooling energy costs and emissions up to 40 percent.

The company has attracted the attention of U.S. Vice President Joe Biden, who visited a Serious Materials window factory in Chicago earlier this year.

The latest financing round was led by Chicago-based Mesirow Financial, and included new investors such as Enertech Capital, Cheyenne, and Saints Capital.

Previous investors including Silicon Valley venture fund Foundation Capital.

With the latest round, Serious Materials has raised more than $120 million.

Despite the slow economy, investment in green technology companies is gaining momentum.

Silicon Valley is finding high-tech ways to make age-old materials, such as energy-efficient ways to make concrete, windows that insulate better than walls, and wood substitutes.

The field is still new. Venture investments in green buildings have been volatile in the recession, but involved 45 deals worth about $350 million the past year, according to Cleantech Group LLC.

Separately, solar installer Sungevity said it has raised $6 million and has recruited new executives to help expand its business.

Sungevity, which mainly installs residential solar systems, said it has hired Charles Ferer as its chief financial officer. Ferer was previously working with rival SolarCity. (Reporting by Poornima Gupta)

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