Algal Scientific Corp., a developer and manufacturer of algae-based chemicals and a supplier of related technologies for the food and beverage industries, announced that it has closed a $7 million Series B funding round. The investment is being led by Formation 8, with additional participation from Evonik Industries and Independence Equity, all returning investors. This brings the total amount raised by the company to more than $10 million.
Algal Scientific was founded in 2009 with the goal of leveraging its expertise in biology and engineering to develop transformative agriculture solutions for some of society's greatest problems, including the overuse of antibiotics in the world's food supply. The company has created Algamune, a beta-glucan feed ingredient commercially produced from algae that can be introduced into livestock and poultry diets to naturally support the animals' immune systems.
With this new funding, Algal Scientific plans to dedicate resources to addressing and overcoming the global overuse of antibiotics, specifically of those used in the food supply, including the development of its Algamune, which is produced by growing a selected strain of natural, non-genetically modificed microalgae in controlled, sterile fermentation systems so that it contains high concentrations of beta-1,3-glucan, which has long been known for its ability to naturally support a healthy immune system.