According to a regulatory filing this morning Ashland Mass based IdeaPaint has just raised $5 million in additional funding. IdeaPaint, which makes a product that can turn any paintable surface into a dry erase board, has previously raised $10 million in funding from Breakaway Ventures and Fireman Capital Partners – $5M in November of ’08, $3.3M in February of ’10 and $1.87 in July of ’10.

IdeaPaint was invented by undergraduate students in Babson College’s Entrepreneurship Program, and it is currently being marketed for applications in homes, schools and offices. What makes it so hot right now? IdeaPaint is applied in a single coat and is cheaper per square foot than any other dry erase product on the market. Talk about disruptive, IdeaPaint can be painted on tables, columns and even old dry erase boards that are yellow or worn out. This stuff is like magic.

According to Boston Business Journal, this new round of funding will cover the company’s last quarter of operatiing at a loss and bring the company profitable.

We have reached out to IdeaPaint and are awaiting comment on this new round of funding.

To learn more about IdeaPaint, check out their website. Also, be sure to follow them on Twitter @IdeaPaint and fan them on Facebook: www.facebook.com/IdeaPaint.