CANADA – Canada-based plastic resin maker Genecis Bioindustries has raised US$7 million in a Series A funding round and an additional US$3 million credit facility to commercialize biodegradable plastic products.
The funding round was led by Khosla Ventures and BDC Capital’s Cleantech Practice with the credit facility being provided by Silicon Valley Bank, subject to customary closing conditions.
The investment is expected to accelerate the launch of Genecis’ 1st set of products onto the market with their partners, while completing the 1st integration of their technology with the StormFisher biogas plant in London, Canada.
Together these milestones will allow Genecis to secure key market vantage points in the sustainable materials market.
“We are thrilled to welcome Khosla and BDC Capital as our newest investors and appreciate their confidence in our mission to accelerate the world’s transition to sustainable plastics,” said Luna Yu, CEO of Genecis.
“The funding will allow us to advance in our commercialization efforts and bring forth the next generation of sustainable plastics.”
Genecis said that the distinctive method developed by the company for biomanufacturing PHAs from various feedstocks is inexpensive, broadly adaptable, and easily scalable.
PHAs (polyhydroxyalkanoates) are recognized as the only biodegradable polymers that can mimic the useful functional properties of petroleum plastics.
The company’s recombinant bacteria platform utilizes the already-existing biogas plant infrastructure to produce adjustable PHAs and piggy-backs from zero-cost food waste.
The firm is only beginning to scratch the surface of the booming market for PHAs, says Yu, who is currently working with Novo Nordisk.
It’s a relationship with significant earnings potential, as the Danish multinational pharmaceutical company produces half the world’s insulin.
With 30 full-time employees and a 7,000-square-foot pilot facility that houses more than 20 bioreactors of bacteria, the company has come a long way since its humble beginnings in 2017.
In 2021, the rapidly rising star was shortlisted as one of six finalists for the prestigious Women in Cleantech Challenge run by MaRS and NRCan.
The firm is a graduate of the Silicon Valley incubator program Y Combinator and has won numerous accolades on a global scale, including first place in the 2020 Extreme Tech Challenge.
Liked this article? Subscribe to our regular email newsletters with the latest news insights from Africa and the World’s packaging and printing industry. SUBSCRIBE HERE.
