Bolt Threads, a US-based industrial biotechnology company developing high-performance fabrics, raised $50m on Wednesday in a series C round that featured conglomerate Nan Fung.
The round was led by venture capital firm Formation 8, while Innovation Endeavors, Alafi Capital, East West Capital, Foundation Capital and Founders Fund also contributed funds.
Founded in 2009, Bolt Threads emerged out of stealth in June 2015 and is working on sustainable and non-toxic manufacturing processes for textiles, enhancing fabrics at the molecular level to adapt them to specific needs.
Bolt Threads has partnered outdoor clothing company Patagonia and is expecting to move its Engineered Silk fabric into yarn manufacturing this summer.
The company revealed in June 2015 it had raised $40m in funding, including $32.3m from a series B round backed by Foundation Capital, Founders Fund, Formation 8 and Alafi Capital. It has not disclosed details about its earlier funding.