© Provectus Algae
Provectus Algae announced that it has raised US$10.1 million in Series A financing and an additional US$2.5 million in grant funding from the Australian government. The round was led by At One Ventures and included Methane Mitigation, Mort & Co and existing shareholders, such as Hitachi Ventures, among others. Tom Chi, founding partner of At One Ventures, will also join the company’s board of directors.
Provectus Algae programmes algae to create category-defining bioproducts and sustainable industrial solutions. Through its proprietary Precision Photosynthesis and artificial intelligence (AI) enabled biomanufacturing technologies, Provectus Algae discovers, develops and produces algae products at scale, controlling the expression of target compounds for step-changes in productivity and cost of goods.
The company’s first product off its platform, Surf'N'Turf, is an algae-based feed supplement for ruminant livestock that contains a seaweed proven to improve rumen digestion and reduce methane generation during enteric fermentation.
“Animal agriculture generates more emissions than any other industry, and Provectus Algae's high-yield production offers an economic pathway to substantially solve for these emissions while improving the livelihoods of farmers and ranchers,” said Chi in a press release.
This raise provides Provectus Algae with additional funds to further scale Surf'N'Turf production, perform the world’s largest pilot trials for such a product and supply large quantities of the feed supplement to the market.
"As one of Australia’s largest lot feeding managers, Mort & Co has a responsibility to lead the way in finding effective methane reduction solutions for the commercial beef industry. The team has been actively involved in testing various feed additives as part of its ongoing commitment to improving sustainability and animal welfare. With the ability to scale production and tailor products for our animals and operations, we have partnered with Provectus Algae to conduct trials of their product designed to reduce methane emissions and increase cattle performance,” said Charlie Mort, executive chairman of Mort & Co.
The Series A funds are complemented by support from the Australian Government’s Industry Growth Program. The highly competitive “Commercialisation and Growth” grant helps innovative startups and businesses with high growth potential that want to transform, significantly scale up and build Australian manufacturing capability for the future.
“I am incredibly proud of what our team has built despite challenging headwinds in the biotech sector. This milestone is a testament to our team’s determination and their desire to deliver lasting advancements in sustainable biomanufacturing,” said Nusqe Spanton, founder and chief executive of Provectus Algae. “With Tom Chi coming aboard and Mort & Co’s strategic backing, our team has become even stronger as we scale the world’s best methane-reducing feed supplement.”
