Fermentation-based silk producer raises €29 million

In Denmark, AMSilk, a company working to commercialize biobased silk polymers, has raised €29 million ($35.2 million) to scale-up production and expand the material into new markets. 

Novo Growth, the growth equity arm of Novo Holdings, led the financing, which also included new investors Cargill and E.R. Capital Holdings and existing investors MIG Verwaltungs AG and ATHOS KG. 

AMSilk uses fermentation to produce biodegradable silk, with numerous applications. “AMSilk’s technology has the potential to revolutionize a number of industries and be part of the decarbonization push needed to overcome the biggest environmental challenges of our time,”Kartik Dharmadhikari, Partner at Novo Growth, says in a statement. 

Previous Novo Holdings include Novozymes, LanzaTech, and MycoWorks.