Corporate Banner
Satellite Banner
AgriGenomics
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

Biotech Company Algal Scientific Receives Investment Funding

Published: Monday, April 28, 2014
Last Updated: Tuesday, April 29, 2014
Bookmark and Share
Evonik, part of an investors’ consortium that is investing more than US$3 million in Series A financing round, is investing in the startup.

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.

In addition to the innovative production technology, the use of β- glucan in a wide variety of animal feed applications is of particular interest to Evonik. The immune stimulating effect of β-glucan results in healthier animals and efficient growth, thus contributing to resource-efficient nutrition of the global population. β-Glucan is suitable for nutrition of pigs, poultry, and ruminants as well as for aquaculture.

“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.


Further Information

Join For Free

Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 4,000+ scientific posters on ePosters
  • More than 5,300+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Prize Awarded to New Membrane Technology from Evonik
Biogas processing considerably more efficient and environmentally friendly.
Thursday, December 05, 2013
Evonik Opens a New Plant in Argentina
With an annual capacity of over 60,000 metric tons, the new production plant will supply ready-to-use alkoxides for use as catalysts in biodiesel production from renewable raw materials.
Monday, October 21, 2013
Scientific News
Plant Analysis – Identifying Metabolites
New plant analysis method shows biologically active plant substances are far more common than previously thought.
Exploring the Genome of the River Blindness Parasite
Researchers have decoded the genome of the parasite that causes the skin and eye infection known as river blindness.
Gene Editing Yields Tomatoes That Ripen Weeks Earlier
Research team develop method to make tomato plants flower and ripen fruit two weeks faster than current growth rates.
Gene-Editing Improves Vision in Blind Rats
Scientists developed a targeted gene-replacement technique that can modify genes in both dividing and non-dividing cells in living animals.
BGI Sequences Gingko Tree, Revealing Large, Highly Repetitive Genome
Researchers at BGI have sequenced the more than 10-gigabase ginkgo genome to find a high number of repetitive sequences as well as a number of gene clusters that appear to be involved in defense mechanisms.
Biologists Discover Origin of Stomata
Researchers discover genetic mechanism similar in flowering plants and mosses is a result of evolutionary conservation.
Uncovering a World of Viruses
Study that shows human diseases like influenza are derived from those present in invertebrates.
Engineering Bacteria to Aid Ethanol
Splicing in genes for ethanol production into bacteria in order to produce ethanol rather than not lactic acid.
Controlling Cell Division in Plants
Researchers succeeded in developing a new compound, a triarylmethane, that can rapidly inhibit cell division in plants.
Plant Aging Study Produces Insights into Crop Yields
New insights into the mechanism behind how plants age may help scientists better understand crop yields and nutrient allocation.
SELECTBIO

SELECTBIO Market Reports
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
4,000+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
5,300+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!