Algenetix, a San Diego, CA-based industrial biotech company, closed a $2.0m Series A-1 funding.
The round, which was led by Two Oceans and local San Diego investors, was also supported by Algenetix’s Executive Chairman, Dr. Jerry Caulder.
Incubated from the pipeline of Kapyon Ventures, LLC, and led by Han Chen, CEO, Algenetix is an industrial biotech company that develops single cell petrochemical alternatives using its proprietary PhotoSeed technology, which improves lipid productivity in industrial microbes.
It intends to use the capital to further advance its PhotoSeed program and develop renewable oils that can sustainably replace petroleum for fuels and chemicals.