UK-based biotech Synthace has secured £1.3m ($2.09m) in seed backing in a round led by venture firm Sofinnova Partner’s Green Seed Fund and joined by angel investors.
The University College London (UCL) spin-out, founded in 2011, is developing a platform of technologies aimed at the rapid engineering and optimisation of biological production systems. Through utilising micro-organisms, Synthace can produce sustainable and renewable chemical and biological products.
In addition to the equity funding, Synthace benefitted from a £500k award from the UK Technology Strategy Board earlier in the year.
Tim Fell, chief executive of Synthace, said: “We are delighted to have attracted Sofinnova Partners’ Green Seed Fund and see this funding as a very strong validation of our company, technology and commercial focus. It will allow us to demonstrate production of our first chemical products at scale, prior to forming partnerships within the chemicals industry to take them to market.”
