Genecis Raises US$10 Million in Funding to Commercialize Biodegradable Plastic Products
Toronto, Ontario--(Newsfile Corp. - August 4, 2022) - Genecis Bioindustries Inc. ("Genecis") announced that it has raised US$7 million in Series A funding led by Khosla Ventures and BDC Capital's Cleantech Practice. The round includes participation from Gullspang Re:food, with returning investors such as AME Cloud Ventures, IT Farm, and Heinz Group. Genecis has also secured a US$3 million credit facility from Silicon Valley Bank, subject to customary closing conditions.
Genecis is a biotechnology company making compostable plastics from waste materials. PHAs (polyhydroxyalkanoates) are recognized as the only biodegradable polymers that can mimic the useful functional properties of petroleum plastics. Genecis' unique approach to biomanufacturing PHAs with alternative feedstocks is low-cost, widely applicable, and rapidly scalable. Their recombinant bacteria platform converts zero-cost food waste into tunable PHAs, and piggy-backs onto the existing infrastructure of biogas plants. Genecis is a graduate of the Y Combinator incubator program in Silicon Valley, and has won multiple international awards, including 1st place in the 2020 Extreme Tech Challenge.
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."
About Genecis Bioindustries Inc.
Genecis is a Canadian biotechnology company developing microbes and a fermentation process to upcycle waste into high-value materials, such as bioplastics. Genecis' biological processes convert food waste and carbon sources destined for landfill into valuable materials. Genecis is on a mission to drive the world towards a circular economy, where major brands utilize eco-friendly PHA plastics in packaging, food services, agriculture, textiles and many other areas to reduce the 18 billion pounds of plastic polluting oceans every year.
Our partners leverage our technology and team to benefit the planet, and their bottom line.
For inquiries, please contact:
Luna Yu, Chief Executive Officer
Phone: (416) 856 6326
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