Sweden’s EnginZyme has extended its Series A financing round to 11 euros million to advance cell-free chemical production platform.
EnginZyme is on a mission to transform the $5 trillion chemical industry through the use of its enzyme-based sustainable production platform, which combines the breadth and power of nature with the efficiencies of state-of-the-art chemical processing techniques
The extension round was led by Industrifonden, Sweden’s largest deep tech venture capital firm, followed by SEB Greentech VC and existing shareholders. In April 2020 EnginZyme unveiled the original Series A investment round of 6.4 million euros, led by Sofinnova Partners.
“Current bio-manufacturing processes are too expensive and too difficult to scale to be economically feasible for most chemicals and products. This funding round will allow us to demonstrate that the problem is solvable and that our approach is a versatile and scalable solution,” said Dr. Karim Engelmark Cassimjee, CEO of EnginZyme
EnginZyme’s technology platform leverages engineered, immobilized enzymes to create a best-in-class approach that combines the breadth and power of biology with the efficiencies of the chemical industry. It thereby overcomes the limitations of fermentation and promises increased productivity at lowered costs, hence increasing the sustainability of chemical production.
“EnginZyme is demonstrating its ability to replace traditional, fossil fuel-based, energy-intensive, unsustainable chemical production with a green alternative that doesn’t compromise on efficiency,” said Patrik Sobocki, Investment Manager at Industrifonden.
While other bio-manufacturing technologies often struggle to move out of the lab to deliver meaningful volumes, EnginZyme has produced catalysts at multi-kilogram scales and operated pilots capable of producing 50 tons per year of product. This year will see the company pilot production processes and advance partnerships across markets such as high-performance cosmetics, food applications, alternative sweeteners, and flavours and fragrances, testifying to the versatility and scalability of its technology.
“The company represents the future of synthetic biology and the future of chemical production. EnginZyme has a blue ocean opportunity to redefine the chemical industry. We are pleased to add EnginZyme to our deep tech portfolio as it fits well with our strategy,” Sobocki said.