Algenetix raises $2M for PhotoSeed single cell oil technology

By Algenetix | April 03, 2013

Algenetix, an industrial biotech company incubated from the pipeline of Kapyon Ventures LLC, closed $2 million in Series A-1 funding to further commercialize its PhotoSeed platform. The technology improves oil productivity in microbes by accelerating oil accumulation and subsequently preventing its degradation in the cell. The company’s funding is led by Two Oceans and local San Diego investors, and supported by Algenetix Executive Chairman Jerry Caulder. With this funding, Algenetix will further advance its PhotoSeed program and develop renewable oils that can sustainably replace petroleum for fuels and chemicals without compromising land and food production resources.

 “We have created a compelling IP portfolio and, with the support of Two Oceans and our existing investors, we are able to develop the technology more broadly than previously possible,” said Han Chen, CEO of Algenetix. “In addition to the capital, the investment has also expanded our visibility and engagement with new partnerships in North America, Australia, the Middle East and South East Asia—all of which are important markets.”

“Algenetix is an exciting new player making valuable feedstocks for chemicals, food and materials utilizing single cell organisms, such as yeast and algae,” said Arama Kukutai, managing director, Finistere Ventures GP II. “Unlike other similar technologies, Algenetix is charting a path to economically produce feed stocks that use low-cost inputs and existing fermentation capacity under a very capital-efficient business model, which is fitting for the current funding climate.”

Algenetix will be conducting the development in partnership with the laboratories of Janet Donaldson at Mississippi State University.


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