Algenesis secures new funding to scale production
In Texas, plant-based material science company Algenesis Corporation has raised $5 million in a funding round led by First Bight Ventures, with Circulate Capital and others.
Algenesis said its patented Soleic technology is the world’s first renewable, fully biodegradable and backyard compostable bioPolyurethane (bioPU) made from plants and algae.
Algenesis also noted its Soleic bioPU can biodegrade in compost within a matter of months and does not contain harmful PFAS chemical additives found in other plastics. Its production process further leads to up to 50% lower GHG emissions compared to petroleum PU3, the company said.
“We are excited to take this next step in our growth journey, and this funding will support us to scale production and meet the growing demand for Soleic PU systems,” said Steve Mayfield, Founder and CEO of Algenesis.
Algenesis’ Soleic PU is currently available in soft foam applications, such as midsoles and insoles for footwear.
First Bight Ventures and Circulate Capital led the seed round; MIH Capital, Diamond Sports Group and RhinoShield also participated. The investment follows a $5 million grant from the U.S. Department of Energy to scale up the production of biobased isocyanates from algae oils using a safe and green-flow chemistry process.
