Evonik Invests in Algal Scientific

Evonik Industries is investing in the technology start-up Algal Scientific Corporation, based in Northville, Michigan. Evonik is part of an investors' consortium that is investing more than $3 million in Series A financing round in the company. Algal markets 1,3-β-glucan, a polysaccharide that strengthens immune response and which is used as an additive in pharmaceutical formulations, animal feeds, and nutritional supplements.  . 

Algal has developed technology for producing β-glucan from algae on an industrial scale and is currently in the process of starting up the first commercial production plant in Michigan. β-glucan is usually obtained from grain or produced using yeasts or fungi.

Within its venture capital activities Evonik plans to invest a total of EUR 100 million I($139 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.

Source: Evonik
Leave a Reply

Your email address will not be published. Required fields are marked *