Provectus Algae, a Noosaville, Australia-based biotech company focusing on algae proprieties, received a strategic investment from CJ BIO, a division of South Korea-based food & bio company CJ CheilJedang. The amount of the deal was not disclosed.
The company intends to use the funds to accelerate commercialization efforts that bring innovative specialty ingredients to market.
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Led by Nusqe Spanton, Founder, and CEO, Provectus Algae is a biotech company that programs algae to produce valuable specialty ingredients. By accelerating nature, the team can optimize microalgae to produce a range of natural products in a process described as Precision Photosynthesis. Using its techniques, the company has also developed a synthetic biology stack that complements and competes with existing production platforms to deliver sustainable products.
CJ BIO is a world leader in sustainable biotechnologies and biomanufacturing, recognized for its work on large-scale biomolecule production, scale-up technologies, process automation, and beyond. The company owns the largest share of the global lysine, tryptophan, nucleic acid, valine, and soy protein concentrate (SPC) markets, manufacturing goods at 13 plants across 6 countries. In addition, CJ BIO has continued to innovate and expand its offerings, including its PHACT, a biodegradable, bio-based polyester.