A San Francisco biotech startup that's making trees more efficient at capturing carbon from the atmosphere has raised new funding from Toyota Ventures and other investors.
Living Carbon announced $21 million in new funding from a Series A round on Tuesday, bringing the company's total funding to $36 million. The latest round was led by the Singapore government's investment vehicle, Temasek, and included Toyota's venture arm, Lowercarbon Capital, Felicis Ventures and some individual angel investors.
CEO Maddie Hall founded the company in 2019 and wants to turn it into a “biotech climate hub,” she previously told Bay Area Inno. The company was one of our inaugural Startups to Watch in 2022.
Living Carbon is re-engineering two species of trees, poplar and loblolly pine, to make them more efficient at photosynthesis by using synthetic biology to insert genes from one plant into another, creating a hybrid tree. And it's on track to produce and supply up to 5 million saplings over the next couple of years which companies will be able to purchase, Living Carbon said in a statement.
In experiments, its hybrid trees grew 53% larger than a control group, the company has previously said.
In 2022, the startup also began working with the College of Forestry at Oregon State University to conduct field tests with its tree saplings. And Living Carbon has expanded its research into increasing the amount of heavy metals that trees can absorb through their roots.
Click on the slideshow below to check out our new edition of Startups to Watch, and click here to go deeper.
Bay Area Inno Startups to Watch 2023
Founded: 2021
Founders: Andrew Peterson, CEO, right; Isaac Robledo, left
What it does: Offers space-based 3D images from its own constellation of satellites
HQ: Palo Alto
Employees: 110
Total funding: $5 million
Founded: 2019
Founders: Lindsey Hoell, CEO (left); Maia Tekle, head of sales and partnerships (right)
What it does: Helps businesses reduce packaging waste through a reusable container program
HQ: San Francisco
Employees: 16
Total funding: $6.2 million
Founded: 2022
Founders: Omoju Miller, founder and CEO (above)
What it does: Developing software to detect fraud for Web3 builders
HQ: Oakland
Employees: Currently a small team
Total funding: $2.195 million
Founded: 2021
Founders: Teddy Solomon, COO (right); Ashton Cofer, CTO (left)
What it does: Developing a social media platform for college students
HQ: Palo Alto
Employees: 25+
Total funding: $16.5 million
Founded: 2021
Founders: Adrian Macneil, CEO (above); Roman Shtylman, CTO
What it does: Developing software for logistics robots
HQ: Fully remote, but leadership based in S.F.
Employees: 19
Total funding: $18 million
Founded: 2020
Founders: Anu Sharma, CEO (left); Talia Borgo, clinical director; Sarah Reynolds, CTO (right)
What it does: Rethinking maternal care through a tech-enabled lens to improve health outcomes
HQ: San Francisco
Employees: 15
Total funding: $4.1 million
Founded: 2015
Founders: Miranda Wang, CEO (left); Jeanny Yao, COO (right)
What it does: Takes plastic waste and converts it into a flexible material that can replace rubber or foam
HQ: Menlo Park
Employees: 35
Total funding: $25 million
Founded: 2017
Founders: Shannon Goggin, CEO (right); Dennis Lee, COO (left)
What it does: Streamlines access to employee benefit data
HQ: S.F. and Durham, N.C.
Employees: 110
Total funding: $61.5 million
Founded: 2018
Founders: Greta Meyer, CEO (right); Amanda Calabrese, COO (left)
What it does: Redesigning tampons to make them leakproof
HQ: San Francisco
Employees: 3
Total funding: $5 million
Founded: 2020
Founders: Nick Allen, CEO (left); Ian Andersen, chief growth officer (right)
What it does: Develops a drink tracking app and membership community to promote "mindful drinking"
HQ: San Francisco
Employees: 11
Total funding: $6 million
Founded: 2022
Founders: Anya Cheng, CEO (left); Phoebe Tan, COO (right)
What it does: Operates a menswear rental subscription service
HQ: Hayward and Redwood City
Employees: 7
Total funding: $2.3 million
Founded: 2017
Founders: Sukemasa Kabayama, CEO (center); Jonathan Wills, CTO (right); Rahul Rajan, chief AI officer (left)
What it does: Offers performance improvement coaching for athletes based on a 3D analysis of body movements
HQ: Palo Alto
Employees: 25
Total funding: $8.5 million
Founded: 2019
Founders: Brandon Hill, CEO (center); Robert Pinkerton, CTO (left); Tre Kirkman, chief product officer (right)
What it does: Helps grocery stores manage their supply chains
HQ: Menlo Park
Employees: 21
Total funding: $10 million
Founded: 2014
Founders: Vanessa Didyk, CEO (left); Mini Krish, CFO/COO (right); Adam Metcalf, original founder and chief evangelist
What it does: Help students make new friends
HQ: Palo Alto
Employees: 27
Total funding: $17.8 million
Founded: 2021
Founders: Andrew Krulewitz, CEO; Alex Shulman, product head; Miranda Spradlin; James Greff
What it does: Provides a marketplace for flexible electric vehicle leasing
HQ: Hayward
Employees: 7
Total funding: $5.4 million
Zevvy team members pictured, from left: Andrew Krulewitz, Miranda Spradlin, Alex Shulman, James Greff and Colin Bowers
