Algal Scientific Corporation, a Northville, Michigan-based biotech developer and manufacturer of algae-based chemicals and a supplier of related technologies for the food and beverage industries, completed a $3m financing.
The round was led by Evonik Ventures, Formation8 Partners and Independence Equity, with participation from Envy Tech Fund I, the Michigan Economic Development Corporation, the Michigan Pre-Seed Capital Fund, the First Step Fund and other private investors. In conjunction with the funding, James Zhang, joined the board from Formation 8.
The company will use the funds to begin the commercial scale production and sale of its Algamune™.
Led by CEO and Chief Science Officer, Geoff Horst, Algal develops Algamune™, its brand of algae-based beta-1,3-glucan, a compound used in poultry, swine, aquaculture and other livestock production, human foods, and nutraceuticals in order to support a healthy immune system.