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HOUSTON, Oct. 3, 2024 /PRNewswire/ — First Bight Ventures, a Houston-based project capital company interested by advancing and accelerating early-stage bioindustrial innovation, declares that 3 of its portfolio corporations had been awarded a blended $5.25 million from the U.S. Segment of Protection’s Allotted Bioindustrial Production Program.
Biomanufacturing has the prospective to aid the U.S. army, allies, and companions via generating crucial fabrics—starting from fuels and chemical substances to meals and scientific provides—with vital implications for army readiness.
“The allocation of funds by the federal government will be critical in helping grow biomanufacturing capacity,” stated First Bight Ventures Founder Veronica Breckenridge (previously Veronica Wu). “We are very proud to represent three dynamic companies that are awardees of this competitive and widely praised program.”
The 3 First Bight-backed corporations that had been awarded come with:
- Algenesis Company, founded in San Diego, CA, won $1.5 million for the making plans and building of a pristine home facility interested by generating diisocyanates, crucial precursors for polyurethanes.
- Commercial Microbes, founded in Alameda, CA, won $1.55 million to plot a commercial-scale facility for changing ethanol feedstock into acrylic acid, a key detail worn in coatings, adhesives, sealants, lubricants, corrosion inhibitors, and wound dressings.
- Visolis, founded in Hayward, CA, won awarded $2.25 million to plot a facility for the home manufacturing of a platform chemical that may be remodeled into rocket propellants, explosive binders, and sustainable flying gasoline.
“This award is a testament to our commitment to advancing sustainable materials and will enable us to contribute to both national security and industrial resilience. Our planned facility represents a key step towards securing a domestic supply of critical components for polyurethanes,” stated Algenesis Company CEO Stephen Mayfield.
“It’s exciting to see the federal government acknowledge the importance of expanding the bioeconomy. Even more significant is their commitment to making investments now, marking the start of this promising trajectory,” stated Breckenridge.
Extra about First Bight will also be discovered at the corporate’s web page at firstbight.com.
SOURCE First Bight Ventures
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