Algenie raised $1.1 million in a pre-seed funding round led by UTS and Better Bite Ventures to develop a modular system for algae production aimed at replacing fossil fuels.
Algenie raised $1.1 million in a pre-seed funding round led by UTS and Better Bite Ventures to develop a modular system for algae production aimed at replacing fossil fuels.
09/09/24, 11:59 PM
Location
sydneyMoney raised
$1.1 million
Industry
biotechnology
Round Type
seed
Investors
Better Bite Ventures, University Of Technology Sydney (Uts)
Algenie has secured $1.1 million in pre-seed funding to pursue its innovative algae-based solutions to combat climate change. The startup aims to scale algae production at an affordable cost, targeting sustainable plastics and fuels.
Company Info
Location
sydney, new south wales, australia
Additional Info
Algenie is a biotech startup founded by Nick Hazell, focused on developing innovative methods to grow algae as a sustainable alternative to fossil fuels and plastics. The company aims to create affordable algae production at scale to help cut carbon emissions and provide building blocks for eco-friendly products. With a unique helix-shaped photobioreactor design, Algenie seeks to revolutionize the algae cultivation process, making it economically competitive. The company is collaborating with the University of Technology Sydney to optimize algae strains and enhance production efficiency.