{"id":114399,"date":"2022-08-23T07:02:00","date_gmt":"2022-08-23T05:02:00","guid":{"rendered":"https:\/\/renewable-carbon.eu\/news\/?p=114399"},"modified":"2022-08-16T09:13:16","modified_gmt":"2022-08-16T07:13:16","slug":"genecis-raises-us10-million-in-funding-to-commercialize-biodegradable-plastic-products","status":"publish","type":"post","link":"https:\/\/renewable-carbon.eu\/news\/genecis-raises-us10-million-in-funding-to-commercialize-biodegradable-plastic-products\/","title":{"rendered":"Genecis Raises US$10 Million in Funding to Commercialize Biodegradable Plastic Products"},"content":{"rendered":"\n\n\n<p><strong>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.&nbsp;<\/strong><\/p>\n\n\n\n<p>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&#8217; 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.<\/p>\n\n\n\n<p>The investment is expected to accelerate the launch of Genecis&#8217; 1<sup>st<\/sup>&nbsp;set of products onto the market with their partners, while completing the 1<sup>st<\/sup>&nbsp;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.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-text-align-center is-layout-flow wp-block-quote-is-layout-flow\"><p>&#8220;We are thrilled to welcome Khosla and BDC Capital as our newest investors and appreciate their confidence in our mission to accelerate the world&#8217;s transition to sustainable plastics,&#8221; said <strong>Luna Yu<\/strong>, CEO of Genecis. &#8220;The funding will allow us to advance in our commercialization efforts and bring forth the next generation of sustainable plastics.&#8221;<\/p><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>About Genecis Bioindustries Inc.<\/strong><\/h3>\n\n\n\n<p>Genecis is a Canadian biotechnology company developing microbes and a fermentation process to upcycle waste into high-value materials, such as bioplastics. Genecis&#8217; 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.&nbsp; Genecis is a biotechnology company making compostable plastics from waste materials. PHAs (polyhydroxyalkanoates) are recognized as the only [&#8230;]<\/p>\n","protected":false},"author":105,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","nova_meta_subtitle":"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","footnotes":""},"categories":[5572],"tags":[10503,5838,5847,5796,12518,13345,20862],"supplier":[15121],"class_list":["post-114399","post","type-post","status-publish","format-standard","hentry","category-bio-based","tag-biodegradable","tag-bioeconomy","tag-bioplastics","tag-biotechnology","tag-feedstocks","tag-plastic","tag-polyme","supplier-genecis-bioindustries"],"_links":{"self":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/114399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/users\/105"}],"replies":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/comments?post=114399"}],"version-history":[{"count":0,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/114399\/revisions"}],"wp:attachment":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media?parent=114399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/categories?post=114399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/tags?post=114399"},{"taxonomy":"supplier","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/supplier?post=114399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}