RWDC Industries Ltd, a Singapore-based biotech startup, raised US$22m in Series A3 funding.
The round was led by Vickers Venture Partners and Eversource Retirement Plan Master Trust (the pension fund of Eversource Energy, a Fortune 500 company), with participation from previous investors WI Harper Group, and others.
The company intends to use the funds to increase PHA production capacity in Georgia, USA, as well as to support its R&D efforts into prioritized applications.
Founded in 2015 by Mr Roland Wee and Dr Daniel Carraway, RWDC Industries is a biotechnology company that develops innovative and cost-effective biopolymer material solutions. In particular, RWDC produces medium-chain-length Polyhydroxyalkanoate (mcl-PHA) biopolymers that are designed for use across a broad range of applications.
PHAs are linear polyesters naturally produced by bacterial fermentation of plant-based oils or sugar and are widely recognized as the only commercially viable biodegradable bioplastic. RWDC’s PHA is certified to be fully biodegradable in soil, water and marine conditions (i.e. all potential end-of-life scenarios) by TÜV Austria (formerly Vincotte), fully biodegrading within weeks with no toxic residue.
The company has expanded its PHA (polyhydroxyalkanoate) production capacity in Athens, Georgia (United States), initiated development programs on new applications such as non-woven fabrics, and completed trials with its clients on PHA straws and coated paper.
RWDC Industries expects its first commercial batch of PHA straws to be available in the market in 2019.