In Sweden, EnginZyme has raised €11 million ($13.3 million) to advance its enzymatic production platform. The extension of the Series A funding was led by Industrifonden, Sweden’s largest deep tech venture capital firm, followed by SEB Greentech VC and existing shareholders.
EnginZyme’s platform uses engineered, immobilized enzymes to produce chemicals, unlike other biobased platforms that employ fermentation.
“Current bio-manufacturing processes are too expensive and too difficult to scale to be economically feasible for most chemicals and products,” Dr. Karim Engelmark Cassimjee, CEO of EnginZyme, says in a statement. “This funding round will allow us to demonstrate that the problem is solvable, and that our approach is a versatile and scalable solution.”
EnginZyme will use the funds to pilot production processes and advance partnerships across markets such as high-performance cosmetics, food applications, alternative sweeteners, and flavors and fragrances.