A Houston-based company using biotechnology processes to decarbonize industrial sectors closed a Series A funding round.
The financing was led by private investment group 8090 Partners, Cemvita Factory said. Oxy Low Carbon Ventures, a subsidiary of Houston-based Occidental Petroleum Corp. (NYSE: OXY), returned as an investor in Cemvita Factory's Series A raise, along with contributions from Seldor Capital, Climate Capital and others. Cemvita Factory declined to disclose the amount of the fundraising round.
Cemvita Factory's technology can be used to turn would-be emissions into other useful end products. The firm uses a biotechnology platform to genetically alter microorganisms to absorb carbon dioxide and other molecules as feedstock. The genetically altered microbes can then be turned into a variety of chemicals for industrial use, like ethylene, a material needed in making polymers and plastics. The firm's technology is based on research done by Tara Karimi, co-founder and chief technology officer at Cemvita, who holds a Ph.D. in biochemistry and postdoctorate degrees in tissue engineering and stem cell programming.
"Decarbonizing heavy industry is one of the most critical challenges in addressing climate change," said Moji Karimi, co-founder and CEO of Cemvita Factory. "Synthetic biology is now primed to revolutionize heavy industries because of its inherent low-carbon advantages, and Cemvita is taking the lead in identifying and de-risking the key applications."
Cemvita Factory has identified dozens of different molecules its biotechnology could produce in addition to bio-ethylene. Part of the Series A capital will be used to launch Cemvita's bio-hydrogen solution, the company said.
Other Series A capital will be allocated toward constructing and operating a bio-ethylene pilot plant with Oxy Low Carbon Ventures that will use carbon dioxide emitted from human-made sources as feedstock. The project between Cemvita and Oxy Low Carbon Ventures, announced in April, aims to show that the Houston firm's technology could be competitive with ethylene made with hydrocarbon feedstock sources.
Cemvita Factory’s sustainable approach landed the company a spot in the Carbon to Value Initiative, an international collaboration aimed at commercializing technologies that capture and convert carbon dioxide into new end products and services.
