Algae For Food Attracts Investors in Michigan
Biofuels are among many exciting products that can come from algae. However, quite a bit of investment is being directed at other applications as well.
Just this week, Algal Scientific Corp., a manufacturer of algae-based chemicals for the food and beverage industries announced the successful end of a $3 million venture- capital round to fund the company’s commercialization efforts. This round was lead by German-based Evonik Ventures, San Francisco-based Formation 8 and Chicago-based Independence Equity.
“The completion of this funding allows us to begin the commercial-scale production and marketing,” said company founder and chief science officer, Geoff Horst in Crain’s Detroit Business.
This is an exciting accomplishment for such a young company, and will likely accelerate more technology development. In addition to the food and beverage applications, Algal Scientific also operates a unit commercializing an algae-based wastewater treatment system.
You can read more about Algal Scientific at: http://www.algalscientific.com/
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