The Venture Codex

Led · Series A · Jul 2024

NovoNutrients develops microbes that convert carbon dioxide into protein for use in human food and animal feed. The company employs fermentation in looped thin‑cylinder bioreactors designed to lower the energy required to mix gases, differing from large brewery‑style tanks. It tailors microbial strains to digest varied waste gas mixes, using synthetic biology to improve stability and efficiency for some products and non‑GMO evolution for others. NovoNutrients is building a pilot plant in the San Francisco Bay Area that will use much of the same equipment as a future commercial plant to validate designs and strains. The company intends to pursue a capital‑light path to market by selling microbes along with licenses to build, operate, and maintain facilities, and by supporting marketing and business development for products. To support the pilot, NovoNutrients has raised funding to advance construction and generate the data needed for commercial investment. NovoNutrients engineers bacteria and bioreactors to convert carbon dioxide, hydrogen and a nitrogen source into a dry protein powder that can be refined into food and feed ingredients for people, animals and farmed fish. The company has surveyed literature, discovered previously unknown strains and engineered/adapted microbes to improve performance—one adapted strain grew three times faster after an eight-month fermenter run on cement-plant gases. Its bioreactor platform supports mixed-strain cultures to boost output and tailor nutritional profiles. NovoNutrients plans to license its biology and hardware, sell microbes, provide training and support, and collect technology-license royalties rather than owning commercial-scale plants. Partner industrial emitters will own the facilities and choose end products, while NovoNutrients helps arrange off-take agreements and works with EPC firms on plant construction. The company is advancing to a pilot-scale plant enabled by an external technology and investment deal to test its thesis at scale.

Participated · Series D · Aug 2022

Econic Technologies develops renewable-carbon technology that allows manufacturers to produce polymers based on CO2 rather than petrochemicals. The company licenses its technology to polyols and surfactant manufacturers that supply some of the world’s most iconic consumer brands. It intends to use newly raised funds to accelerate delivery for its customers in the polyols market and to support commercialisation of its new CO2 surfactant technology. The financing round was an equity raise with the amount undisclosed. The company was founded in 2011 by Dr. Charlotte Williams and is led by CEO Keith Wiggins from Alderley Park, UK. Econic Technologies has developed catalyst technology that efficiently converts captured CO2 into a usable raw material for manufacturing polymers, initially targeting the polyurethane industry for foams, coatings, sealants, and adhesives. The company’s core product enables customers to monetise CO2 while lowering their carbon footprint and meeting demand for more sustainable products. Econic operates globally from Alderley Park near Manchester and maintains a customer demonstration facility in Runcorn. Founded in 2011 by Prof. Charlotte Williams and led by CEO Keith Wiggins, the business is focused on commercialising its catalyst and process technology. The company recently progressed its Series D with a second close intended to support commercialisation efforts. The fundraising update indicates active investor support as Econic scales toward broader market deployment. Econic Technologies develops catalyst technologies that enable manufacturers to recycle captured CO2 directly into existing processes to displace oil‑based chemicals. The technology is energy efficient, reduces cost, and lowers future emissions by decreasing use of fossil‑derived chemicals. Over the past two years the platform has progressed from laboratory to industrial pilot scale with extensive process and product validation. The company is moving toward commercial‑scale deployment first in polyols for polyurethane in collaboration with material producers and downstream users, and it sees additional opportunities in surfactants. To support commercialisation, Econic raised funding via a convertible loan that includes UK government backing. The company was spun out from Imperial College London in 2011 and operates from facilities at Alderley Park with a customer demonstration site at The Heath in Runcorn. Econic Technologies is developing and commercialising novel catalyst technologies that incorporate captured CO2 into polycarbonates via reaction with epoxides. The company plans to use the funding to support development of future catalyst generations and to expand its facilities. The round is intended to accelerate commercialisation of Econic's catalyst technology and build on traction with large global partners. Econic is a portfolio company of Imperial Innovations Group plc. Imperial Innovations committed £2.5m to the round and reported a net carrying value in Econic of £6.1m as of 31 January 2016. The fundraise is complemented by a Horizon 2020 SME award that will provide a further £2m over the next two years. Econic Technologies develops catalytic processes that use waste CO2 as a feedstock to manufacture polymers. Its catalysts enable production of polycarbonates and polyurethane polyols and long-chain polymers, with potential applications in foams, plastics and polyesters. Replacing conventional petrochemical feedstocks with CO2 can significantly reduce costs for certain polymer manufacturers. The company was founded in 2011 to commercialize research from Professor Charlotte Williams’ group at Imperial College London and is based in London, UK. Econic plans to use recent funding to further test and scale up its catalyst technology toward commercialization. The company is led by Executive Chairman David Morgan.

Participated · Equity · Jan 2016

ZipLine Medical develops and commercializes non-invasive wound closure products centered on its Zip® Surgical Skin Closure system. The company sells its flagship Zip devices across surgical specialties including orthopedics, cardiovascular, and emergency medicine, and reports usage in over 500,000 cases in more than 30 countries. It is expanding its product portfolio with ZipStitch™, an over-the-counter laceration closure device, and PreLoc® Wound Closure for chronic wounds such as diabetic foot ulcers. ZipStitch—based on the same clinically proven technology—won a 2018 Medical Design Excellence Award in the Over-the-Counter and Self-Care Products category and is available for purchase online. The company intends to use new financing to continue worldwide commercialization and support these product launches. ZipLine Medical was founded by Amir Belson, M.D., and is headquartered in Campbell, CA. ZipLine Medical is a medical device company that developed the Zip® Surgical Skin Closure device, a cost-effective, noninvasive skin-closure system delivering suture-like outcomes at the speed of staples. The company intends to accelerate worldwide commercialization and expand global sales and marketing following its recent financing. Clinical studies (knee arthroplasty at Hospital for Special Surgery and a pacemaker study at UCSD) showed fewer wound complications versus staples, procedure-time savings versus sutures, and suture-like cosmetic outcomes. The Zip device has been used in over 25,000 surgical procedures and is sold in over 30 countries. ZipLine estimates its addressable market at $4 billion worldwide; its devices are classified by the U.S. FDA as Class I, 510(k) Exempt and have received CE Mark. Founded by Amir Belson and headquartered in Campbell, CA, the company plans to leverage favorable clinical results and key opinion leader support to grow commercial adoption. ZipLine Medical develops the Zip® Surgical Skin Closure, a noninvasive device designed to deliver suture-like outcomes at the speed of staples while reducing surgical-site infection risk and hospital costs. The devices are classified by the U.S. FDA as Class I, 510(k) Exempt and have received CE Mark. Because skin closure is common to nearly all surgical procedures, ZipLine says its product has applicability across multiple medical specialties. The company estimates an addressable market opportunity of $4 billion worldwide. ZipLine is headquartered in Campbell, Calif., was founded by Amir Belson, MD, and is led by President and CEO John Tighe. Management plans to use proceeds from the Series C extension to expand sales and marketing activities and to support geographic expansion, including into China. ZipLine Medical is an emerging medical device company developing cost-effective, noninvasive surgical skin-closure devices (Zip™) intended to provide suture-like cosmetic outcomes with the speed of stapling and reduced surgical site infection risk. Its Zip™ Surgical Skin Closure devices are classified by the U.S. FDA as Class I, Exempt and have applicability across multiple medical specialties. The company estimates its addressable market at $4 billion worldwide. Preliminary randomized, controlled clinical data presented at the Mount Sinai Winter Symposium showed similar cosmetic outcomes versus traditional sutures and a 57% reduction in wound closure procedure time. ZipLine was founded in 2009 by Amir Belson, M.D., and is headquartered in Campbell, Calif. Proceeds from the recent financing will be used to expand sales and marketing efforts. ZipLine Medical is an emerging medical device company that has developed the PRELOC (Pre-placementRE-aligning Low-tensionClosure) platform for noninvasive surgical skin closure. PRELOC is designed to provide a suture-like outcome with the speed of staples via a simple, easy-to-learn and easy-to-use device. The company says the platform has broad applicability across numerous medical specialties because skin-closure is a common denominator of almost all surgeries; initial target applications include C-section, laparotomy, pacemaker/ICD implant, laparoscopic port, orthopedic, and excisional skin biopsy closure. ZipLine cites a $4.2 billion worldwide market opportunity covering most surgical procedures involving skin incision. The company is headquartered in Campbell, Calif., and in Q3 2011 appointed John R. Tighe as President and CEO. ZipLine closed a $5M Series B in Q3 2011 and has total funding of $6M; proceeds are being used to complete product development and establish commercial operations.