California — Synthesis Capital announced a USD 9 million oversubscribed seed investment in Hyfé, which converts wastewater from the food processing industry into feedstocks for biomanufacturing and clean water. The Engine, Refactor Capital, Supply Change Capital, Overwater Ventures, X Factor Ventures, and Alumni Ventures are additional contributing investors. The startup has received $11 million in funding, including an oversubscribed pre-seed round led by The Engine in April 2022. With the additional funding, Hyfé plans to expand its workforce by double and move closer to a pilot-scale technological demonstration. Co-founder and partner at Synthesis Capital Rosie Wardle will also join the board of directors for the organization.
The decarbonization of critical industrial sectors like food, fuels, materials, and chemicals is possible through biomanufacturing, which is predicted to reduce carbon emissions by at least 3 GT years by 2030. The sector needs help competing with established methods that rely on deforestation, animal agriculture, and fossil fuels. Price parity is challenging to achieve because of the cost and supply of the sugar feedstocks that power bioprocesses, and over the next 10 to 20 years, demand for glucose in the economy is expected to outrun supply. It is essential that the feedstocks that will fuel that growth come from underutilized waste carbon streams, are affordable, are not food-competitive, and do not upset agricultural systems.
According to Michelle Ruiz, co-founder, and CEO of Hyfé, “Biomanufacturing has the potential to solve some of the most pressing challenges facing humanity, but first, it needs to be made economically viable.” “Just when the economy is about to undergo a turning point, we are developing a solution that solves a significant impediment. The development of the steam engine, the dawn of science and mass manufacturing, and the introduction of digital technology were all crucial historical turning points.
The worldwide value of the economy will range from $4 trillion to $30 trillion in the future. We have an excellent chance to accelerate this expansion by creating affordable and environmentally friendly feedstocks, according to Synthesis Capital partner and co-founder Rosie Wardle. “We’re excited to help Hyfé, a pioneer in the biomanufacturing revolution, as they enter their next stage of development by using their technology to drive the creation of more environmentally friendly products in various industries through bioproduction. The world urgently needs this to lessen our reliance on fossil fuels, boost the manufacturing industry, fortify our supply networks, and enhance our environment and health.
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