Algal Scientific Corporation, a biotech developer and manufacturer of algae-based chemicals and a supplier of related technologies for the food and beverage industries, closed a $7m Series B funding round.
The investment, which brought the total amount to over $10m, was led by Formation 8, with participation from Evonik Industries and Independence Equity.
Founded in 2009 and led by Geoff Horst, CEO, Algal Scientific has created Algamune, a beta glucan commercially produced from algae, which can be introduced into the diets of livestock and poultry to naturally support the animals’ immune systems without relying on antibiotics.
The company, based in Plymouth, Mich., intends to use the funds to accelerate its development efforts.
FinSMEs
31/03/2015