Polymateria, a London, UK-based biotransformation technology company, raised £20M in Series B funding.
The round was led by ABC Impact and sustainable chemical company Indorama Ventures.
The company intends to use the funds to accelerate the commercialization of its technology at scale, while also prioritising investment in its people and R&D capabilities.
Established at Imperial College London and led by Lee Davy-Martin, Polymateria aims to use scientific advancements to address the issue of plastic pollution. Its biotransformation technology safely returns commonly polluted plastic items to nature without leaving any microplastics or toxic residue, and has gained significant traction among customers worldwide, including Twickenham Rugby Stadium, the Chicago Marathon and 7-ELEVEN Taiwan.
The company intends to both increase penetration into existing markets and expand into new markets where fugitive plastic pollution is most acute, including developing further in Asia. Polymateria also plans to boost its R&D capabilities by investing into its in-house laboratory at Imperial College London.
FinSMEs
28/04/2023