Genecis is a biotechnology firm that turns waste into compostable plastics by using a unique approach to biomanufacture PHAs with alternative feedstocks
Genecis Bioindustries raised $7m in Series A funding round and $3m credit facility from Silicon Valley Bank. (Credit: Genecis Bioindustries Inc.)
Canada-based plastic resin maker Genecis Bioindustries has raised $7m in a Series A funding round led by Khosla Ventures and BDC Capital’s Cleantech Practice.
The company has also a $3m credit facility from Silicon Valley Bank, subject to customary closing conditions.
Genecis is a biotechnology business that turns waste into compostable plastics.
The biodegradable polymers that can match the desirable functional characteristics of petroleum plastics are known as PHAs (polyhydroxyalkanoates).
Genecis said that the distinctive method developed by the company for biomanufacturing PHAs from various feedstocks is inexpensive, broadly adaptable, and easily scalable.
The company’s recombinant bacteria platform utilises the already-existing biogas plant infrastructure to produce adjustable PHAs and piggy-backs from zero-cost food waste.
The firm is a graduate of the Silicon Valley incubator programme Y Combinator and has won numerous accolades on a global scale, including first place in the 2020 Extreme Tech Challenge.
Through the investment, Genecis hopes to complete the first integration of their technology with the StormFisher biogas plant in London, Canada, as well as expedite the release of their first set of products onto the market with their partners.
Together, the achievements will allow Genecis to gain significant market advantages in the market for sustainable materials, said the company.
Genecis chief executive officer Luna Yu said: “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.
“The funding will allow us to advance in our commercialisation efforts and bring forth the next generation of sustainable plastics.”