C16 Biosciences, makers of Palmless™, ramps up in food fueled by fresh funding
01/24/24, 2:07 PM
Location
new yorkMoney raised
$4.5 million
Industry
biotechnology research
Round Type
seed
Investors
Elemental Excelerator, Bill & Melinda Gates Foundation
C16 Biosciences, makers of Palmless™, is ramping up its capabilities in the food category, fueled by a $3.5 million grant from the Bill & Melinda Gates Foundation as well as a $1 million investment from Elemental Excelerator. The company will use the funding to expand the Palmless™ platform by working with non-agriculturally derived feedstocks to produce food-grade oils and fats, unlocking a circular economy model capable of producing food products and ingredients without dependence on arable land.
Company Info
Location
619 w 54th street, 7th floor
new york, new york, united states
Additional Info
C16 Biosciences is a New York-based biotech company producing biodesigned performance ingredients. We do this by leveraging our proprietary platform to produce novel ingredients without compromises for the world’s leading consumer goods manufacturers. The company recently launched the Palmless™ platform for sustainable ingredients as well as their first biodesigned ingredient, Torula oil, a luxury bioactive oil clinically proven to promote healthier skin and hair. Torula oil was the hero ingredient in two of 2023’s award-winning product launches, both of which sold out in <24 hours. The founders generated the idea for C16 Biosciences at the MIT Media Lab, and the company is backed by Breakthrough Energy Ventures, Y Combinator, and more.