- Innovative technology for β-glucan production from algae
- Contribution to sustainable animal nutrition
- Interesting growth market
Evonik Industries is investing in
the technology startup Algal Scientific Corporation (Northville, Michigan,
USA). Evonik is part of an investors’ consortium that is investing more than
US$3 million in Series A financing round. Under the trade name AlgamuneTM Algal
markets 1,3-β-glucan, a polysaccharide that strengthens immune response. It is
used as an additive in animal feeds and as a nutritional supplement as well as
in pharmaceutical formulations.
This is the first time it has been
possible to obtain β-glucan from algae on an industrial scale. Algal has
developed a new technology for this purpose and is currently in the process of
starting up the first commercial production plant in Michigan. β-Glucan is
usually extracted from grain or produced using yeasts or fungi. Algal’s new
biotechnological process needs fewer production steps and at the same time
generates significantly higher yields.
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| (Photo credit: Richard.Asia) |
“Algal contributes toward
sustainable animal nutrition,” says Dr. Bernhard Mohr, head of Evonik Venture
Capital. “In view of the growing global population and the subsequent
increasing demand for animal protein, this is an interesting market with
attractive growth potential."
“We are very pleased that Evonik is
joining us as a strategic partner,” says Geoff Horst, CEO of Algal. “We have
been able to attract a strong group of investors; this allows us to advance
commercial production and our business.” Also part of the consortium, in
addition to specialty chemicals group Evonik, are the U.S. venture capital
firms Formation 8 (California), Independence Equity
(Illinois), and Envy Capital (Michigan), as well as regional funds and business
development companies promoting the establishment and development of attractive
companies in Michigan.
Within its venture capital
activities Evonik plans to invest a total of €100 million in highly promising
start-ups with break-through technologies and leading specialist venture
capital funds. These investments will focus on Europe, the U.S. and Asia.
Partnering with innovative start-up companies supplements Evonik’s approach of
open innovation and creates excellent opportunities for accelerating the
development of new businesses and opening up future growth fields.
About Evonik
Evonik, the creative industrial
group from Germany, is one of the world leaders in specialty chemicals.
Profitable growth and a sustained increase in the value of the company form the
heart of Evonik’s corporate strategy. Its activities focus on the key
megatrends health, nutrition, resource efficiency and globalization. Evonik
benefits specifically from its innovative prowess and integrated technology
platforms.
Evonik is active in over 100
countries around the world. In fiscal 2013 more than 33,500 employees generated
sales of around €12.9 billion and an operating profit (adjusted EBITDA) of
about €2.0 billion.
About Algal Scientific
Algal Scientific was formed in 2009
after winning the inaugural DTE Clean Energy Competition hosted by the
University of Michigan and DTE Energy (DTE: NYSE). Since then, the company has
gone on to win several other awards and competitions including the $500,000
Grand Prize in the Accelerate Michigan Innovation Competition. Algal recently
expanded into a new production facility in Northville, Michigan from its first
headquarters at the Michigan Life Science and Innovation Center. In addition to
the lead investors, participants in this financing included Envy Tech Fund I,
the Michigan Economic Development Corporation, the Michigan Pre-Seed Capital Fund,
the First Step Fund and private investors. For more information, visit
www.algalscientific.com.
Disclaimer
In so far as forecasts or expectations are expressed in this press
release or where our statements concern the future, these forecasts,
expectations or statements may involve known or unknown risks and
uncertainties. Actual results or developments may vary, depending on changes in
the operating environment. Neither Evonik Industries AG nor its group companies
assume an obligation to update the forecasts, expectations or statements
contained in this release.
The Global Miller
This blog is maintained by The Global Miller staff and is supported by the magazine GFMT which is published by Perendale Publishers Limited.
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