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-Î²-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 Î²-glucan from algae on an industrial scale and is currently in the process of starting up the first commercial production plant in Michigan. Î²-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.