Evonik Venture Capital, the corporate venturing unit of speciality chemical developer Evonik Industries, has backed a $7m series B round for US-based biotechnology company Algal Scientific Corporation.
The round was led by Formation 8 and featured Independence Equity.
In April 2014, Algal obtained a $3m series A round from Evonik, Formation 8 and Independence Equity. The company also secured $1.6m in seed funding and grants from Michigan Pre-Seed Fund, Michigan State, US Environmental Protection Agency, and Accelerate Michigan Innovation.
Founded in 2009, Algal hopes to solve the overuse of antibiotics in today’s food supply with its lead product called Algamune. The product is algae-based and naturally supports an animal’s immune system, thus can be used as food for livestock, eliminating the need for antibiotic supplements.
Jim Kim, founder and managing partner at Formation 8, said: “Algal Scientific is a disruptive force with an innovative and scalable agriculture technology solution and clear vision to bring about lasting global health benefits while also improving the quality and efficiency of livestock production.”