Boston-based biotechnology company, Evolved By Nature, the business developing a library of Activated Silk molecules from natural silk protein, announced that it has closed $120 million in Series C financing.
Among the existing investors that took part in the round were Mousse Partners, Chanel, Jeff Vinik, The Kraft Group, Roy Disney, and Emerald Development Managers were Teachers' Venture Growth (TVG), a division of the C$242 billion Ontario Teachers' Pension Plan Board, and Senator Investment Group.
Activated Silk molecules are renewable sustainable chemicals, bioactive compounds, and innovative treatments for application in industries including clothing, personal care, and medicine. They are created to improve human health, product performance, and the circular economy.
The funding accelerates the Activated Silk technology platform's commercialization, which will free the world's markets from their reliance on synthetics and derivatives derived from fossil fuels and push the frontiers of regenerative medicine.
The financing round coincides with the launch of Evolved By Nature's factory in Walpole, Massachusetts, which will increase output to 900 metric tons of Activated Silk annually.
With this funding, Evolved By Nature's eco-friendly replacements for the petrochemical coatings now utilized by the leather and textile sectors will expand their global sales. Fashion companies like Anya Hindmarch, nylon manufacturers like Alpine Creations and Apex Holdings, and leather tanneries like Richard Hoffmans GmbH & Co. KG, Cyclica Srl, and Curtidos Bengala have all embraced Evolved by Nature's biodegradable finishes in the past year.
The investment also advances the introduction of Activated Silk skin barrier-enhancing components in brand-owned and third-party personal care products, which act as natural alternatives to harsh, synthetic substances like retinoids and derivatives of fossil fuels like petrolatum. Parallel to this, Evolved by Nature will continue its search for treatments that successfully enhance the skin and address diseases that are frequently disregarded.
Dr. Greg Altman, CEO and co-founder of Evolved By Nature, said that a crucial planetary threshold has been crossed. The biochemistry of the human body and the planet's life support systems have been transformed by excessive usage of petrochemicals produced from fossil fuels. With TVG's help, they can now create novel therapies and global supply chains that encourage healthy partnerships between sectors and ecosystems, beginning with skin treatments and high-performance leather and garment coatings.
Rebecca Lacouture, president, COO and co-founder of Evolved by Nature, said that with this investment, they are now able to make their library of Activated Silk molecules available to global development partners so that they can work together to improve the performance potential of - essentially - any surface.
Evolved By Nature's new manufacturing plant, which opened in May 2022, presently produces 150 metric tons of Activated Silk per year, a 500% increase in capacity from 2021. This funding enables full operation and the production of 900 metric tons of Activated Silk per year in 2024.
According to Evolved By Nature, this equates to 900 million jars of petrochemical-free skincare, 150 million square feet of biodegradable, polyurethane-free leather, sustainable finishing chemistry for 195 million pieces of performance apparel, or a replacement for 7,200 metric tons of non-biodegradable petrochemical surfactants regularly washed into waterways via skin cleaning products.
A weekly report covering market and price information on the entire chain of polyester along with online access to daily polyester chain prices.
One-time reports that are issued annually cover the demand and supply trends in individual products including polyester, nylon, acrylic, viscose, and cotton.
One-time reports that are issued annually cover the demand and supply trends in the individual country's natural and manmade fiber/filament industries.
Countries Served Worldwide