Provectus Algae, a Noosaville, Australia-based biotech company focusing on algae proprieties, received a strategic investment from CJ BIO, a division of South Korea-based food & bio company CJ CheilJedang.
The amount of the deal was not disclosed.
The company intends to use the funds to accelerate commercialization efforts that bring innovative specialty ingredients to market.
Led by Nusqe Spanton, Founder and CEO, Provectus Algae is a biotech company that programs algae to produce valuable specialty ingredients. By accelerating nature, the team can optimize microalgae to produce a range of natural products in a process described as Precision Photosynthesis. Using its techniques, the company has also developed a synthetic biology stack that complements and competes with existing production platforms to deliver sustainable products.
CJ BIO is a world leader in sustainable biotechnologies and biomanufacturing, recognized for its work on large-scale biomolecule production, scale-up technologies, process automation, and beyond. The company owns the largest share of the global lysine, tryptophan, nucleic acid, valine, and soy protein concentrate (SPC) markets, manufacturing goods at 13 plants across 6 countries. In addition, CJ BIO has continued to innovate and expand its offerings, including its PHACT, a biodegradable, bio-based polyester.
FinSMEs
03/03/2023