Bioform Technologies, a Canadian materials science startup, raised US$5M in funding.
Suzano Ventures made the investment.
The company intends to use the funds to accelerate the development of its novel bio-based plastic alternatives.
Led by CEO Chris Clark, Bioform has developed a proprietary method to manufacture plastic alternatives based on wood pulp reinforced hydrogels at high speeds by modifying existing pulp and paper making machinery. The manufacturing process has a low carbon footprint and can produce highly versatile materials to replace a wide range of single use plastics. The company has developed both compostable and paper-recyclable films that can be heat sealed or thermoformed depending on the application.
Bioform had previously raised US$2.4M from direct investments and US$1.2M from non-dilutive sources to streamline its technology and validate performance and processes in its labs.
Commenting on the news, Chris Clark said: “Our goal is to produce sustainable alternatives to single-use plastics at the speed of paper and at the cost of plastic. We are harnessing the speed and efficiency of pulp and paper manufacturing to make swift and impactful steps into the marketplace. The technical validation and strategic investment from Suzano Ventures gives us a link to the world’s largest market pulp producer. We can also access Suzano’s world-leading expertise to help us rapidly accelerate the production efficiencies and cost reductions needed to make a significant reduction in the reliance on single-use plastics.”
FinSMEs
24/04/2024