MycoWorks, a San Francisco, CA-based biomaterials company, raised $125M in Series C funding.
The round was led by Prime Movers Lab, with participation from SK Networks and Mirabaud Lifestyle Impact & Innovation Fund.
The company intends to use the funds to launch the first full-scale Fine Mycelium™ production plant to meet the demand for its materials, including MycoWorks’ flagship product, Reishi™, expand the team as well as continue research, development, and innovation to advance the Fine Mycelium platform.
Co-founded in 2013 by Philip Ross and Sophia Wang, and led by Matt Scullin, CEO, MycoWorks is a biomaterials company dedicated to bringing new mycelium materials to the world. Its patented Fine Mycelium technology, an advanced manufacturing platform, engineers mycelium during growth to form proprietary, interlocking cellular structures for strength and durability.
The patented Fine Mycelium process produces natural material with the performance of the finest animal leathers and lower environmental impact. The biotechnology platform engineers mycelium to grow the only made-to-order, made-to-specification luxury material.
Based in Union County, South Carolina, the new facility is modeled after the company’s semi-automated Emeryville pilot plant that successfully demonstrates the scalability of the Fine Mycelium process. In operation for one year, the pilot plant demonstrates high production yields, meeting target costs, and bringing MycoWorks through its latest production milestone of 10,000 trays processed. The new facility, slated to be operational in a year, will enable initial mass-production volumes of several million square feet of Fine Mycelium materials per year.
The company’s facility, based in Union County, South Carolina, is modeled after the company’s semi-automated Emeryville pilot plant that demonstrates the scalability of the Fine Mycelium process. In operation for one year, the pilot plant demonstrates high production yields, meeting target costs, and bringing MycoWorks through its latest production milestone of 10,000 trays processed. The new facility, slated to be operational in a year, will enable initial mass-production volumes of several million square feet of Fine Mycelium materials per year.
FinSMEs
14/01/2022