Spiber, a Japan-based synthetic silk products developer backed by sportswear producer Goldwin, has received approximately ¥5bn ($44m) in a round led by public-private partnership Cool Japan Fund, the Bridge reported on Saturday.

Cool Japan Fund invested $17.6m in the round, however other investors were not disclosed.

Spun out of Keio University’s Institute for Advanced Biosciences in 2007, Spiber is developing a manufacturing process for products made of synthetic silk proteins rather than the natural form generally collected from insects such as silkworms and spiders.

The company is initially targeting applications for the apparel and automobile industries.

Spiber will use the funding to begin construction of a mass textile production facility and protein handling plant with the aim of commencing commercial-scale manufacturing in 2021.

The protein plant will be based in eastern Thailand, exporting its feedstock to Japan for processing into textiles.

Spiber has now raised a total of more than $260m of capital from investors including insurance provider Dai-ichi Life, which provided approximately $9m in funding in October 2017.

The company had previously received $88.7m in a 2015 round backed by Goldwin, according to the Financial Times. Its other investors reportedly include Keio Uuniversity and venturing firm Jafco Ventures.

– A version of this article first appeared on our sister site, Global University Venturing.

Spiber, a Japan-based synthetic silk products developer spun out of Keio University, has received approximately ¥5bn ($44m) in a round led by public-private partnership Cool Japan Fund, the Bridge reported on Saturday.
Cool Japan Fund invested $17.6m in the round, however other investors were not disclosed.
Founded in 2007 from Keio’s Institute for Advanced Biosciences, Spiber is developing a manufacturing process for products made of synthetic silk proteins rather than the natural form generally collected from insects such as silkworms and spiders.
The company is initially targeting applications for the apparel and automobile industries.
Spiber will use the funding to begin construction of a mass textile production facility and protein handling plant with the aim of commencing commercial-scale manufacturing in 2021.
The protein plant will be based in eastern Thailand, exporting its feedstock to Japan for processing into textiles.
Spiber has now raised a total of more than $260m of capital from investors including insurance provider Dai-ichi Life, which provided approximately $9m in funding in October 2017.
The company had previously received $88.7m in a 2015 round backed by sportswear manufacturer Goldwin, according to the Financial Times. Its other investors reportedly include Keio University and venturing firm Jafco Ventures.