Provectus Algae receives pre-series A funding

Published: 15-Dec-2021

The funding will assist the expansion of the company’s biomanufacturing platform

Provectus Algae, a synthetic biology company specialising in biomanufacturing to produce specialty ingredients, has secured $11.4m in a pre-series A funding round co-led by Hitachi Ventures, the Vectr Ventures of Hong Kong.

The funding will assist the expansion of the company’s biomanufacturing platform, support R&D operations to further early-stage product development capabilities, increase the commercial production capacity of products under development and drive the commercialisation of multiple products in the development pipeline.

The biomanufacturing platform is a 24/7 automated closed system, developed to help scale natural and biosynthetic products to keep pace with consumer product development cycles. The company claims its technology can lead to increased quality, greater yield, improved production economics and product development opportunities.

The current product pipeline includes recombinant proteins developed by the Provectus team along with several natural products, one of which already has a commercial agreement with food and beverage ingredients supplier.

“We are excited to have Hitachi Ventures join this round, their mandate has high alignment with our vision for Provectus and we look forward to developing a close working relationship with the Hitachi team to expedite the scale of our technology during this next phase of growth and beyond” said Nusqe Spanton, CEO. “To have the Vectr Ventures team step up again and co-Lead this round alongside Hitachi Ventures means a lot to our team. The support they have provided to date has been invaluable and we are pleased to have their continued backing. ”

“Provectus perfectly fits the profile of innovative, early-stage companies that we envisioned when we created Hitachi Ventures’ second fund,” said Pete Bastien, Partner at Hitachi Ventures. “Through this investment and more to come, Hitachi is working to solve the global environmental and social issues in collaboration with like-minded, visionary entrepreneurs. Together, we are working towards the realization of a decarbonized, sustainable society.”

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