SOSV Closes $306M Deep Tech Fund for Human and Planetary Health

SOSV announced the close of its $306 million SOSV V fund, the firm’s largest fund to date. The news received coverage in TechCrunchBloomberg and Axios. The text below is from the press release SOSV issued on April 16th concerning the new fund.

SOSV V will focus on deep tech startups in human and planetary health, with an emphasis on the intertwined imperatives of decarbonization and re-industrialization—part of the fund’s mandate to “reinvent the means of production”—even as SOSV continues to pioneer investments in health ranging from therapeutics to medical devices. 

“As the first check in deep tech, SOSV represents the start of the journey for hundreds of deep tech founders,” said Sean O’Sullivan, SOSV’s founding and managing general partner. “We appreciate the dedication of many of the world’s leading family offices and corporations in backing SOSV V, enabling the creation of the most transformational climate change and human health startups on the planet. And, by partnering with later stage funds, every $100 million that we invest brings another $2 billion in follow-on capital into these companies. This new fund will enable an enormous amount of positive change for humanity.”

SOSV invests starting at pre-seed, when companies join its HAX and IndieBio development programs, and continues through series seed, A, and later stages, resulting in about 200 investments per year. SOSV operates startup program facilities in New York City, Newark, and San Francisco and graduates about 80 startups a year.

SOSV tracks top portfolio startups in its annual Climate Tech 100 and Human Health 100 lists, which include standout climate companies such as NotCo (AI platform to design plant-based foods); Prolific Machines (optogenetic biomanufacturing); Unspun (3D weaving technology to decarbonize fashion); Neptune Robotics (hull-cleaning robots to reduce maritime emissions); and Zymochem (bio-based materials to decarbonize everyday products), and health companies such as Ten63 (AI and physics-driven drug discovery platform); Prellis (3D-printed lymph nodes for drug discovery); and Flow Neuroscience (depression-treating headset).

The limited partners in SOSV V include corporates, sovereign wealth funds, institutional investors, and private family offices around the world.

SOSV’s HAX and IndieBio programs are widely recognized for launching startups that are primed for institutional, early stage investors. Active deep tech co-investors in SOSV portfolio companies welcomed the SOSV V news.

“The fight against climate-driven privation, societal disruption, and loss of life is an existential fight to preserve resilience and defend abundance for all,” said Matt Ocko and Zachary Bogue, DCVC co-founders and managing partners. “We partner with SOSV in their Decarbonization Consortium not only because they are fellow deep-tech investors, but also because they are determined like us to find every possible way to decarbonize without deprivation. SOSV V will bring power and expertise to this fight.”

“At Khosla Ventures, we often begin our work at Seed and Series A, partnering with great teams trying to solve big, important problems with unique, transformative technologies,” said Alex Morgan, partner at Khosla Ventures. “We really enjoy working with SOSV, including their HAX and IndieBio programs, and we’re pleased that SOSV has closed its Fund V. We have joined together to support several exciting companies addressing human health, climate, and food—including Opentrons, Flow Neuroscience, Prellis, Oobli, and Vertical Oceans—and expect to work on more in the future.”

SOSV has invested over $30 million in facilities and equipment to help deep tech founders develop and de-risk their technologies. In the past 18 months, SOSV has opened two new spaces—IndieBio New York at 7 Penn Plaza and HAX in Newark, NJ—with $25M in grants each from Empire State Development (ESD) and New Jersey Economic Development Authority (NJEDA), and also relocated and expanded the IndieBio San Francisco location.

Together, the new locations offer founders 80,000 square feet of working space equipped with BSL 1 & 2 wet labs, chemistry labs, mechanical and electrical engineering labs, machine shops, industrial grade 3D printers, and more. Eight Ph.Ds and numerous support staff, as well as offshore design, sourcing, and engineering teams in Pune and Shenzhen, work side-by-side with founders. 

To address its climate and health mission, SOSV calls on the best minds around the world, and the portfolio displays diversity and achievement unrivaled in venture. The firm’s founders represent 75 nationalities and operate in 40 countries. 44% of its founders have PhDs earned at 70 universities around the world. And 33% of SOSV’s startups have at least one female founder.

One of the earliest founders SOSV backed is HAX alum Chiu Chau, co-founder of the unicorn Opentrons, a highly successful lab automation robotics company. He is now back at HAX with a new startup, OpenShelf, a robotic inventory system for healthcare. “Back in 2014, SOSV’s pre-seed check and HAX’s Shenzhen program were absolutely critical for me and my co-founders to launch Opentrons,” said Chiu. “I never dreamed that ten years later I’d be building my new robotics company at this new HAX office in Newark, but I would not want to be anywhere else.”

The FDA and USDA approved Upside’s cultivated meat. Will it ever reach your table? Find out at the SOSV Climate Tech Summit.

UPSIDE Foods has made history yet again. The first company ever to create cultivated meatballs, chicken, and duck now has the first-ever approvals from the U.S. Food and Drug Administration (FDA) and Department of Agriculture (USDA) to sell its chicken commercially. UPSIDE chicken debuted August 4, 2023 at San Francisco’s Bar Crenn in partnership with three-Michelin-star chef Dominique Crenn. 

So, when will UPSIDE chicken be available at grocery stores and restaurants, not just at a $150 six-course meal? 

Cultivated meat still has some hurdles to clear. At the SOSV Climate Tech Summit (Sept 26-27 / free & virtual / register now), UPSIDE Foods founder and CEO Dr. Uma Valeti, MD will discuss the state of cultivated meat with Po Bronson, Managing Director of IndieBio and General Partner at SOSV. 

Cultivated meat is an important climate technology because livestock account for 10 to 20% of greenhouse gas emissions worldwide. Livestock also use almost 80% of the world’s agricultural land (lots and lots of feed…), consume 10% of annually available fresh water, and incentivize deforestation in places like the Amazon. Cultivated meat, on the other hand, is grown in bioreactors and could eliminate that collateral climate damage. The cells are nourished with a culture medium rich in oxygen, amino acids, glucose, vitamins, salts, and proteins, all of which can be sourced from plants and other clean sources.  

Uma’s journey to cultivated meat started during his upbringing in India, where he witnessed the mass slaughter of animals on several occasions and decided to give up meat. Later, as a cardiologist at the Mayo Clinic experimenting with cardiac stem cells, Uma realized he could stem the slaughter by growing animal tissues in bioreactors. He left medicine to prove that tasty, cultivated meat, indistinguishable from the animal-born variety, was possible. 

With SOSV’s IndieBio as his first backer, Uma produced the world’s first cultivated meat at IndieBio’s office in San Francisco.  UPSIDE has gone on to raise over $600M in funding from a mix of institutional, individual, and strategic investors that include TemasekAbu Dhabi Growth Fund (ADG), John Doerr, Bill Gates, Cargill, and Tyson Foods. In 2022, UPSIDE Foods was the subject of Meat the Future, an award-winning documentary about the quest for cultured meat, narrated by Jane Goodall.  

The Good Food Institute, a nonprofit think tank, tracks approximately 100 cultivated meat companies worldwide. The biggest hurdle for the category is cost—cultivated meats remain significantly more expensive than the government-subsidized variety enjoyed in the U.S. and elsewhere. Other challenges include texture and taste (particularly for premium cuts of meat) and public perception.    

What will it take for cultured meat to win in the $1.4 trillion global meat market?

Register today for the SOSV Climate Tech Summit to find out.

The Speakers

Dr. Uma Valeti photo

Dr. Uma Valeti

Dr. Uma Valeti is the CEO and Founder of UPSIDE Foods, the world’s leading cultivated meat company. UPSIDE Foods was the first company focused on growing meat directly from animal cells and has led the industry ever since. Since 2015, UPSIDE Foods has achieved numerous industry-defining milestones, including being the first company to produce multiple species of cultivated meat (beef, chicken and duck), to partner with the existing meat industry, and to sell a cultivated meat product in the United States. UPSIDE Foods has raised over $600 million from a diverse coalition of investors including Richard Branson, John Mackey, Bill Gates, Temasek, ADG, Softbank, Threshold, Baillie Gifford, Norwest, Cargill, Tyson Foods and Whole Foods. Uma’s vision is to enable people around the world to eat the meat they love, while transforming the food system to become more sustainable and humane. Uma has been featured in the Wall Street Journal, the Aspen Ideas Festival and SXSW. In 2019 he was named a “Global Thinker of the Decade” by Foreign Policy magazine. Uma is a Mayo Clinic-trained cardiologist and an adjunct professor in Cardiovascular Medicine at Stanford University.

Po Bronson photo

Po Bronson

Po Bronson is passionate about reconceptualizing complex challenges into more elegant forms, to broaden understanding and highlight priorities. He’s been at IndieBio SF since 2018. Po is a longtime science journalist honored with nine national awards, and author of seven bestselling books that are available in 28 languages worldwide. His work has been cited in 185 academic journals and 503 books. His background is in Economics. He learned finance at Credit Suisse and consulting at a division of Arthur Andersen. Prior to IndieBio he spent four years as a Futurist with Attention Span Media, consulting corporate innovation efforts for globally-recognized brands. Most recently, Po is the author of Decoding the World: A Roadmap for the Questioner, published by Twelve Books, a division of the Hachette Publishing Group.

SOSV Climate Tech Summit: A Conversation with Vinod Khosla and Sean O’Sullivan

Back in 2012 if you had predicted that the climate tech startup category would be worth $2.6 trillion today, you would have been laughed out of the room. That year was the nadir of first “clean tech” investing wave, which poured some $25 billion into earth-saving startups. Less than half of that capital was returned according to an infamous MIT postmortem (which conveniently excluded Tesla). Deep technology in particular “…consumed the most capital and yielded the lowest returns,” said the report. 

But two investors would have believed you. Their venture firms, Khosla Ventures and SOSV, continued to back deep tech, climate-focused companies despite the troubled track record. Today, the firms have two of the best climate portfolios in the world. Vinod Khosla and Sean O’Sullivan joined us at the SOSV Climate Tech Summit (Sept 26-27 / free & virtual) for a one-on-one conversation about the past, present and future of climate tech investing. 

Vinod, born in an Indian army household, migrated to the United States in 1976 and co-founded two landmark companies: Daisy Systems, the first major design software for electrical engineers, and Sun Microsystems, a pioneer in computing workstations and servers that invented the Java programming language. Khosla then joined Kleiner Perkins Caufield and Byers (KPCB) as a General Partner, leading investments in semiconductor company NexGen and internet routing pioneer Juniper Networks (earning a 2,500x return). He founded Khosla Ventures in 2004 partly to fund “science experiments,” as he puts it, and became an OG of the clean tech 1.0 investment wave. 

For Sean, born in New York City, the path to climate tech venture was also marked by early success. As an undergraduate engineer at Rensselaer Polytechnic Institute in 1986, he co-founded his first company, a desktop PC mapping app called MapInfo. Sean took the company public in 1994 and founded SOSV in 1995 to invest as a super angel. His early climate tech investments included Carma (2007), GetAround (2011) and Jump Bikes (2012), and today SOSV’s Climate Tech 100 is a powerful statement of Sean’s commitment to the category.

When most VCs gave up on cleantech around 2012, Vinod and Sean kept exploring and investing. Vinod called for “Reinventing Societal Infrastructure with Technology” in a 2018 blog post. Innovation in food, health, housing, transportation, industry—“The big needs in society”—would inherently produce cleaner, climate-friendly technologies, he argued. Sean, meanwhile, scaled SOSV from a personal investing vehicle into a global firm focused on “deep tech for human and planetary health.” Across industries, there was an opportunity for the “reinvention of all of these different means of production,” as Sean told Bloomberg earlier this year.

Today, Khosla Ventures has $15B under management and has invested in over 30 climate tech companies. Four have gone public—Amyris (bio-based materials), QuantumScape (solid state batteries), View (smart buildings), and LanzaTech (climate-friendly materials and fuels). Khosla also backs several climate unicorns including Commonwealth Fusion Systems (nuclear fusion) and Impossible Foods (plant-based meats).

SOSV has $1.5 billion under management and operates the IndieBio and HAX startup development programs, which launch 100+ pre-seed companies a year in bio-tech and hard tech. Many of those are climate tech companies, and Pitchbook has recognized SOSV as the most active investor in climate globally. The top 100 companies in the SOSV climate portfolio represent $11.69B in value and have raised $3.77B. They include unicorns like Perfect Day (fermentation-based proteins), NotCo (plant-based proteins using AI), UPSIDE Foods (cultured meat), and Formlabs (3D printing). Khosla Ventures and SOSV have co-invested in two climate startups: Oobli (sweet proteins) and Vertical Oceans (shrimp farming).

What can we learn from these titans of climate tech about backing breakthrough “science experiments”?

Catch the full session—and all others from this year’s Summit—here.

Learn more about the Summit.

The Speakers

Vinod Khosla photo

Vinod Khosla

Vinod Khosla is an entrepreneur, investor, and technology fan. He is the founder of Khosla Ventures, focused on impactful technology investments in software, AI, robotics, 3D printing, healthcare and more. Mr. Khosla was a co-founder of Daisy systems and founding CEO of Sun Microsystems where he pioneered open systems and commercial RISC processors. One of Mr. Khosla’s greatest passions is being a mentor to entrepreneurs, assisting entrepreneurs and helping them build technology-based businesses. Mr. Khosla is driven by the desire to make a positive impact through using technology to reinvent societal infrastructure and multiply resources. He is also passionate about Social Entrepreneurship. Vinod holds a Bachelor of Technology in Electrical Engineering from IIT, New Delhi, a Master’s in Biomedical Engineering from Carnegie Mellon University and an MBA from the Stanford Graduate School of Business.

Sean O’Sullivan photo

Sean O’Sullivan

Sean O’Sullivan is an entrepreneur, venture capitalist and philanthropist. He started SOSV in 1995, and today the firm operates two pre-seed startup development programs, HAX and IndieBio, which graduate more than 100 companies each year in bio tech and hard tech addressing the broad mission of “human and planetary health.” The states of New York and New Jersey committed $25 million each to support IndieBio in New York City and HAX in Newark. Sean’s family foundation wrote the first major check for Salman Khan’s Khan Academy and also co-founded CoderDojo and the Autism Impact Fund. Sean holds a Bachelors of Science in Electrical Engineering from Rensselaer Polytechnic Institute and a Masters of Fine Arts in Film Production from the University of Southern California.

A Conversation with Alkali Labs, Killer of the Week

We caught up with the two founders of Alkali Labs – Luis Valencia, CEO, and Jacob Roberts, President — in the basement of IndieBio last week after their company had just been voted “Killer of the Week.” Each week at IndieBio, the companies in our batch compete based on their top accomplishments just in the previous week as they learn to move at venture speed. Top companies are nominated by the IndieBio SF team, but the winner is ultimately chosen by a voting of their peers within the batch.

We asked how they developed their core idea of using biology for direct lithium extraction (DLE)

[Sierra]: So Luis, before creating Alkali you spent 6 years working in Jay Keasling’s lab at UC Berkeley engineering bacteria to produce a new class of compounds. What got you interested in that in the first place?

[Luis]: “I’ve always been inspired and fascinated with the chemistry of the natural world. As I began to appreciate the complexity of microbial metabolism, it gave me a deep appreciation for the range of difficult chemical transformations microbes are able to perform.”  

[Sierra]: After spending so much time working on these other compounds, what made you switch gears to using biology for climate tech?

[Luis]: “In the Keasling lab we’re enthusiastic about biofuels, bioplastics and biomanufacturing, but we’re also very familiar with the limitations of those approaches. One day I was looking at ion transporters, and was so impressed by how it all works. It is so complex, and yet every organism on earth can do it. It became clear to me that I needed to find the best way to apply the strengths of synthetic biology to tackle the climate crisis.”

[Sierra]: So then why focus specifically on lithium extraction?

[Luis]: “Well the deeper Jacob and I got into the process, we kept coming back to the idea that the core principles around sequestering CO2 could also be applied to sequester lithium. For a while we had considered trying to capture both at once. But at the end of the day we’re making a startup and lithium is worth 400 times as much…the logical move was to focus on lithium.” 

[Mohan]: Jacob, while you had helped ideate and craft the company premise, you were (and are) still mid-PhD. If I remember correctly, you even had a dream research collaboration lined up with a top research institution in Israel. Sounds like you were at a bit of a proverbial fork in the road…  

[Jacob]: “Yeah exactly. Suddenly, both my dreams were on the table – forming a company or finishing a PhD with my dream project in a country I wanted to visit. But when the IndieBio offer letter came, I immediately knew the right choice.”

We delved deeper into their transition from PhD students to startup founders

[Sierra]: What’s been the biggest challenge for you guys in transitioning from PhD work to entrepreneurship? 

[Jacob]: “The first big difference is time! You have a limited amount of resources and don’t have time to really find out how or why everything works. You really just have to find out ways to get to the product as soon as possible.” 

[Luis]: “But on the other hand, in our lab we had a ton of freedom to design our own projects. It was a bit of a double edged sword – we gained the freedom and confidence to come up with new projects but also had to pivot when things didn’t turn out well…maybe not the most efficient way to do research, but great training for being an entrepreneur.”

[Mohan]: That’s awesome to hear. How has the company forming process been going with both of you coming from the same lab? 

[Jacob]: “Beyond coming from the same academic lab we have complementary thinking processes. Luis constantly generates new ideas for our mining process and I’m a bit more of, you know, the chopping block. I have to rein in some of his ideas to help keep us on track to meet our milestones. The chemistry has been great, in more ways than one.”  

On top of all this, each of them has a twin sibling!  Perhaps this explains their ability to understand each other’s thinking, sometimes telepathically, which is truly on another level.

After digressing around Luis’ passion for growing plants and Jacob’s singing in the Googapella, we finally got around to asking: So, why did your IndieBio peers deem you the “Killer of the Week?”

[Mohan]: This week in the IndieBio Batch 14 program was quite unique. Founders from all 10 batch companies flew in to the IndieBio SF office for investor meetings and in-person workshops, leaving much less time for experiments. How did that impact you guys?

[Luis]: “Alkali actually had a bit of a ‘home field’ advantage this week, since we work in the full lab located at IndieBio. We got to continue experiments while not missing out on an event-filled week. Yeah, there were a few late nights, but that’s what we signed up for! It so happened that we were able to demonstrate, for the first time, that the bacterial host we had chosen was able to accumulate cations. This was a huge moment for us!”

[Sierra]: That’s amazing! I remember you guys starting the program with just a paper idea. Biological methods for DLE are an entirely new concept with minimal literature out there to use as a guide for your system. I’m sure the process has been challenging to say the least…

[Jacob] “It’s been lots of experimental planning, testing, and pivoting that’s finally led to this moment that showed the validity of metal mining using our microbes. It’s great to see our work continue to pay off each week.”

[Mohan]: We’ve loved helping you guys progress so fast.  Why else did you guys win ‘Killer’ this week? Anything beyond experimental progress that won the praise of your peers? 

[Luis]: “Yeah we had a pretty tough interpersonal challenge with an equipment salesman last week trying to take advantage of us. As a non-confrontationalist I was going to let it go but Jacob encouraged me to use it as a chance for personal growth. In the end I was able to convince the salesman to give us a 95% discount on a much-needed piece of equipment!”

Altogether, Jacob and Luis’ ability to demonstrate a proof-of-concept of their approach as well their embracing of opportunities for personal growth won them the praise of their peers in the IndieBio Batch 14 cohort. We can’t wait to see how they continue to progress from now until Demo Day.

Stay tuned for a deep dive into next week’s Killer!

Can bio-economy unicorn Solugen decarbonize the chemical industry? Find out at the SOSV Climate Summit

The $4.7 trillion chemical industry accounts for about 4% of global GDP and 5% of carbon emissions. The industry is proving hard to decarbonize due to its use of carbon-intensive feedstock (e.g., petroleum) and high heat in production. Solugen, valued at over $2B, aims to deliver the green  solution. At the SOSV Climate Tech Summit (Sept 26-27 / free & virtual / register now), Solugen co-founder and CEO Dr. Gaurab Chakrabarti, MD, PhD sat down with Dr. John Cumbers of SynBioBeta, a synthetic biology innovation network, to discuss how bio startups can eliminate emissions.   

Solugen is part of the multitrillion-dollar bioeconomy, which gained momentum in September 2022 after President Joe Biden issued an executive order “…to advance biotechnology and biomanufacturing towards innovative solutions in health, climate change, energy, food security, agriculture, supply chain resilience, and national and economic security.” 

It’s a tall order from the White House but tailor-made  for companies like Solugen. The team has developed a carbon-negative molecule factory called a “Bioforge” that uses proprietary engineered enzymes to produce chemicals (it’s “…not your grandpa’s chemical plant,” as Solugen puts it). Solugen claims that it can synthesize 90% of the world’s chemicals using nothing but sugar, water, catalysts, and air (and renewable electricity)—with zero emissions and no wastewater. It also claims that over 90% of these feedstocks are converted to product, meaning Solugen minimizes yield losses that make traditional thermochemical and fermentation processes so expensive.

Currently, Solugen’s product line includes chemicals for plant nutrition, water treatment, concrete production, cleaning agents, skincare products, and, somewhat unexpectedly, oil and gas extraction. To date, Solugen has raised over $640M in funding. Its backers include Kennivik, Lowercarbon Capital, Refactor Capital, BlackRock, GIC, Temasek, Baillie Gifford, Founders Fund, and Fifty Years

How much scale will Solugen need to make a serious dent in emissions? Can they outcompete chemical manufacturers with bio-based substitutes? And how else might bioeconomy startups like Solugen help with decarbonization? 

Catch the full session—and all others from this year’s Summit—here.

Learn more about the Summit.

The Speakers

Dr. Gaurab Chakrabarti, MD, PhD photo

Dr. Gaurab Chakrabarti, MD, PhD

Dr. Gaurab Chakrabarti, MD, PhD is the co-founder and CEO of Solugen. As a physician-scientist, Gaurab took an oath to first do no harm—and for him, that goes beyond patients or medicine. So in 2016, he started Solugen to decarbonize the chemicals industry, one of the most damaging for people and the Earth. Gaurab believes in using biology in unconventional ways to solve incredibly complex problems and is building a world-class team to join him on the journey. Gaurab studied computational neuroscience as an undergraduate at Brown University and received his MD & PhD in cancer biology and enzymology at the University of Texas. He is an author or co-author on more than 20 peer-reviewed publications and patents, and he is a Forbes 30 Under 30 in Industry and Manufacturing.

Dr. John Cumbers photo

Dr. John Cumbers

Dr. John Cumbers is the founder and CEO of SynBioBeta, the leading community of innovators, investors, engineers, and thinkers who share a passion for using synthetic biology to build a better, more sustainable universe. He publishes the weekly SynBioBeta Digest, hosts the SynBioBeta Podcast, and wrote “What’s Your Biostrategy?”, the first book to anticipate how synthetic biology is going to disrupt virtually every industry in the world. John also founded BetaSpace, a space settlement innovation network and community of visionaries, technologists, and investors accelerating the industries needed to sustain human life here and off-planet. John has been involved with multiple startups, he’s an operating partner and investor at the hard tech investment fund Data Collective, and he’s a former bioengineer at NASA. John earned his PhD in Molecular Biology, Cell Biology, and Biochemistry from Brown University and is originally from the UK.

SOSV Founder Sean O’Sullivan tells Bloomberg what’s next in climate tech

SOSV Founder & Managing General Partner Sean O’Sullivan

SOSV Founder & Managing General Partner Sean O’Sullivan recently sat down with Bloomberg to discuss his storied career in climate tech and share his vision for the future of the all-important category.

O’Sullivan has “quietly been one of the leading investors in the technology that could redefine what we eat, what we wear, how we get around and — most importantly — how we meaningfully reduce greenhouse gas emissions.”

He explained SOSV’s view that today’s climate tech category goes beyond decarbonization—it encompasses the reinvention of all different means of production. And according to O’Sullivan, “backing climate tech companies is more than good for the planet—it’s also good for investors.”

“Up until now, our gross internal rate of return at SOSV for climate tech companies has outperformed our non climate tech companies,” he told Bloomberg. “It is in the range of around 50% over the course of eight years from 2015 to 2022. It’s in the top decile of venture capital returns.”

SOSV startup competition focused on CO2 capture and removal. Early stage founders welcome. Application deadline July 28.

As part of the upcoming SOSV Climate Tech Summit—taking place virtually September 26-27th this year— we’re thrilled to announce our partnership with Extreme Tech Challenge (XTC) to host a Startup Innovation Challenge (aka a startup competition!) focused on Carbon Removal and Carbon Capture, Utilization & Storage (CCUS). Apply here—the deadline is July 28.

The competition is open to all early-stage startups (Series A or earlier) that are focusing on Carbon Removal and Carbon Capture, Utilization & Storage anywhere in the world. 

An expert team will review the applications and select five finalists, who will pitch before a live, online audience and judges at the SOSV Climate Tech Summit on September 26. The judges will announce the winner the next day during the summit. 

Why participate? The finalists will pitch live to an online audience of VCs, and video archives from the pitch will be published on SOSV’s site after the event. Overall, we expect 5,000 attendees at the summit. There’s no better place for climate founders to find investors. Check out this year’s speakers.

The third annual SOSV Climate Tech Summit convenes the entire climate tech ecosystem, including technologists, founders, investors, and researchers across the climate tech startup ecosystem. The summit will include two days of main-stage sessions featuring noted climate founders and investors, as well as breakout sessions with more than 20 major climate investors. Don’t forget to register! (It’s free!).

Extreme Tech Challenge (XTC) is the world’s largest startup competition that aims to help startups change the world for the better. Founded by Silicon Valley venture capitalists, Young Sohn and Bill Tai, their mission is to empower entrepreneurs building innovative technologies that improve the world.

One more thing: Separately from the Startup Innovation Challenge, SOSV is also hosting the invitation-only Climate Tech Matchup for founders and VCs that was so successful last year, attracting 500 investors and 1500 founder-investor meetings in 2022.  Applications for the matchup will open in August. 

Windfall Bio secures $9M to put methane-eating microbes to work combatting climate change

A methane reading (60x higher than average) in a barn. Source: Windfall Bio

Methane is the second largest contributor to climate change, behind carbon dioxide. It’s responsible for about 30% of the global increase in temperature since the Industrial Revolution, according to the International Energy Agency.

Livestock like cows produce a lot of methane via burps and manure. Windfall Bio—which has created methane-eating enzymes that also make fertilizer—emerged from stealth with $9 million in funding to combat this issue. Now, farmers can transform methane from “dangerous waste” into a valuable resource, saving money and saving the planet.

Windfall Bio’s technology produces quantifiable results: “We measure methane into the compost pile, we measure methane coming out of the compost pile, we measure carbon and nitrogen left over in the compost pile,” Windfall founder Josh Silverman told CNBC. “There’s no modeling or uncertainty associated with it. It’s 100% quantifiable with the highest certainty of any type of climate impact that we do have today.”

The funding round was led by Mayfield, with participation from SOSV and Bill Gates’ Breakthrough Energy Ventures. Windfall Bio will start with livestock farms and later move to other source of methane emissions such as wastewater treatment facilities and landfills.

IndieBio’s TômTex in the spotlight for alt-leather made from shrimp shells

TômTex alt-leather
TômTex alt-leather
TômTex develops a “novel non-woven biofabric”, a 100% biodegradable material derived from shrimp and mushroom food waste. Source: TômTex

Shrimp shell-based “leather” maker TômTex (IndieBio NY03) was recently the subject of two feature articles from Bloomberg and WIRED

TômTex turns raw chitosan—a biopolymer that makes up crustacean shells, mushroom cell walls, and insect exoskeletons—into a viscous liquid that can be dyed, molded, stamped, and 3D printed. The final product can act as a one-to-one stand-in for any traditional leather item, ranging from wallets to designer pants and tank tops. The best part: TômTex’s leather-like material is biodegradable, cost-effective, durable, recyclable, non-toxic, and realistic. It has the look, feel, and wearability of cow leather, Bloomberg and WIRED both agree. 

While leather alternatives are abundant, most options, like polyurethane and PVC (petroleum-derived materials), are prone to cracking and peeling—to speak nothing of the materials’ detrimental effects on human health and the environment. In contrast, TômTex’s material is based on chitosan, one of the most common biopolymers on earth, making it affordable and easy to source as shrimp shell waste from the enormous seafood industry.

TômTex has already attracted the attention of high-end designers like Peter Do, big-name leather retailers, a sneaker brand, and an athletic wear brand. With interest in TômTex boiling over, the company is expanding to a larger pilot production space, where it hopes to scale up production. The team believes its chitosan material is compatible with widely-available machinery for developing polyurethane and PVA, simplifying this scaling process even more.

“We’re hopeful that within this year, there’ll be something that people can actually get their hands on,” Ross McBee, TômTex’s cofounder and chief science officer, said to WIRED.

By the end of 2023, the company plans to produce its alternative leather on the scale of 100,000 yards a year.

IndieBio NY Demo Day: Watch 10 pitches from Batch 5

Demo Day 2023

Yesterday, IndieBio presented New York Batch 5 for an online Demo Day, an event that highlights new companies in the IndieBio fold. Unique to this year’s Demo Day was the location of the event: IndieBio’s new 25,000 sq. ft. office, lab, and event space at 7 Penn Plaza in New York City. 

IndieBio’s managing director Stephen Chambers led Demo Day, introducing the 10 companies in New York Batch 5, and SOSV managing general partner Sean O’Sullivan offered closing remarks on the companies’ potential impact on climate change, human health, and beyond. The founders of each company presented on stage about their plans to address existing challenges within the food industry, biomaterials, femtech, industrial biotech, therapeutics, and drug discovery. Learn more about each of the New York Batch 5 companies below—and be sure to check out their Demo Day presentations, too!


BioFluff is developing a biodegradable, cost-competitive, and high-quality alternative to animal and synthetic furs for the luxury clothing market. As the world’s first completely plant-based fur, BioFluff’s product is free from plastic and GMOs and is sourced from organic renewable fiber plants—meaning no pesticides, herbicides, insecticides, petrochemicals or unsustainable raw-oil derivatives in the manufacturing process.  


FluoSphera is devising the first-ever liquid microphysiological systems (MPS) to revolutionize drug discovery, increase the success rate of clinical trials, and propose superior alternatives to animal experimentation. FluoSphera’s MPS mimics the communication between multiple human organs in vitro to more accurately predict the effects of candidate drugs—even before they reach the first patient—and pinpoint the most promising drugs.


Edge is solving one of the main roadblocks to the cultivated meat industry: finding a growth factor without extensive downstream processing. To do this, the company has created a novel bioprocess using animal cell factories that self-supply authentic growth factors. Edge’s method doesn’t require the isolation and purification steps of recombinant protein production (common in fermentation and molecular farming), significantly cutting costs while providing a constant supply of growth factors and reducing contamination risk. 

Forte Protein

Forte Protein is building a technology platform to sustainably produce bio-identical animal proteins such as ovalbumin and lactoferrin within plants like lettuce or kale. These proteins can be ingredients for non-GMO, vegan, kosher, and gluten-free supplements, gels, dairy and meat alternatives, and energy drinks. The company can also repurpose their plant waste as feedstock, fertilizer, biofuel, extracts, and other plant compounds to bring in an additional revenue stream. 

Atlantic Fish Co

Atlantic Fish Co is developing cultivated seafood that is both delicious and sustainable. The company harvests cells from fish, feeds nutrients in a bioreactor, and uses scaffolding to yield the texture of a whole fish filet. The resulting seafood is real fish-cell-based cuisine without the environmental and health consequences of conventional fish farming.  

Vader Nanotechnologies

Vader Nanotechnology designs new organisms and enzymes that break down plastic and chemical pollutants. Using automation, image processing and computer vision, and analytical chemistry, the company chooses organisms that can grow on plastics and chemicals that resist natural degradation and optimizes these organisms’ performance. 

Vitarka Therapeutics

Vitarka Therapeutics has developed EndoPore, a drug-delivery solution that uses synthetic biology to create pore forming proteins (PFPs) for targeted, cytosolic delivery of RNA therapeutics. Vitarka Therapeutics is exploiting PFP’s naturally-evolved mechanism of endosomal escape and its mechanism of stabilizing RNA.


Pneuma is creating a living, breathing textile, OXYA, seeded with microalgae that consumes carbon dioxide and produces oxygen. By engineering living materials that can photosynthesize and make oxygen, Pneuma hopes to promote healthier, more sustainable apparel and home-ware industries. 


Bioeutectics is making green solvents mainstream with its non-toxic, biodegradable, and sustainable solvents. Using a combination of eutectic technology and green chemistry, Bioeutectics is customizing products for industries spanning food, pharma, and personal care. 


AIMA is innovating period pain management with CBD-infused products—the first to be tested being OVY. This vaginal suppository acts as a safe and effective pain management solution for menstruators with dosages based on personalized pain response.

IndieBio’s Multus Biotechnology raises $9.5M to fast track the cultivated meat supply chain

Multus Biotechnology’s first product, Proliferum M, is a serum- and animal-free replacement for fetal bovine serum, a common growth media for cultivated meat. Source: Multus Biotechnology

IndieBio’s Multus Biotechnology (formerly Multus Media) has raised a $9.5M Series A round to build a production facility for growth media.

The UK-based startup (part of the IndieBio NY01 2020 class) received support from lead investor Mandi Ventures along with SOSV, Big Idea Ventures, SynBioVen, and Asahi Kasei Corp. The Series A raise builds on Multus’ 2021 raise of $2.2M and the launch of the company’s first one-size-fits all growth media, Proliferum M, which eliminates the need for fetal bovine serum (fetal calves’ blood) in cell cultures. 

In an interview with The Spoon, Multus Biotechnology CEO and co-founder explained the technology: “We combine novel ingredient discovery with intelligent formulation design to create high performance growth media suited for the cellular agriculture industry. For example, we use precision fermentation and computational protein design to make growth factors affordable and unlock capabilities in growth media design.”

Multus launched in 2020 with a mission to create animal-free growth media for the cultivated meat industry—specifically, to grow muscle, fat, and connective tissue cells for poultry, meat, and seafood. Multus will target the cultivated meat supply chain without growing the meat itself, as Business Insider highlighted. Multus’ growth media alternative to fetal bovine serum provides cells with the nutrients they need to grow and has the potential to speed cultivated meats to market. The Spoon reported that Multus has big plans to bring a range of products to market in 2023, including a growth media specifically for beef. The company plans to expand to growth media for animal-free dairy and leather as well. 

How IndieBio’s Beeflow is using supplements to safeguard bees while increasing crop yields

Beeflow develops pollination programs that increase crop yields by up to 60%. Source: Beeflow

IndieBio’s Beeflow (SF06 2018) was recently featured in a Bloomberg article highlighting the company’s work in maximizing the pollination potential of bees via supplements—and safeguarding the declining bee population.

Per Bloomberg, habitat loss, toxic pesticides and climate change are wreaking havoc on both wild and commercial bee populations. And, approximately two thirds of global crops rely on honey bees, which are even less active in cold weather.

Beeflow crafts amino-acid based supplements from floral nectar and plant hormones to help fortify bees’ immune systems. This results in bees capable of carrying out up to seven times more flights in cold weather and double the pollen load. Similar to Pavlov’s dog training experiment, Beeflow also trains bees to associate the scent of the crop they need to pollinate with a sugar syrup treat. This effectively creates a “flight GPS” for the bees to pollinate specific crops. 

Deployed across 10,000 acres of farmland in the U.S., Mexico, Argentina, and Peru, Beeflow’s solutions have increased farm yield (compared to traditional farms) by 32% in blueberry, almond, and raspberry crops.

“It’s the most promising technology that I’ve seen,” Lisa Wasko DeVetter, an associate professor at Washington State University who specializes in small fruit cultivation, told Bloomberg.

Beeflow has raised $13M to date from investors including SOSV, Ospraie Ag Science, and Grid Exponential, with plans to secure more funding to scale up operations. “The next one that is coming is avocado pollination,” per Beeflow founder Matias Viel.

SOSV’s Pae Wu shares a glimpse into the future of climate tech

SOSV general partner and IndieBio CTO Pae Wu speaks at TechCrunch Climate Session. Source: TechCrunch

Closing out 2022, TechCrunch+ compiled the top investor perspectives of the year across various sectors from climate tech to fintech to construction tech. The year-end compilation, “The best TechCrunch+ investor surveys of 2022”, featured SOSV general partner and IndieBio CTO Pae Wu’s thoughts on the future of climate tech. 

TechCrunch asked Wu two questions: Which emerging climate techs have the most potential for impact in the next 10 years? And what three climate techs do you see widespread by 2030?

Wu said the following: 

“Process-oriented technologies, like supplanting energy-intensive chemical production with scaled biology or electrically enhanced processes, will alter energy dynamics of heavy industry in the next 10 years.

2030 isn’t very far, so widespread adoption of what some may call bridge technologies is where I see real change coming. So many of our problems come down to human-level issues limiting implementation and a basic fear of change, so our disruptions need to keep chipping away at that fear of change.

What does that look like? Things like emissions-free, drop-in replacements for petrochemicals and materials for the built environment that are not dependent on a green premium. Some of these are far enough along to potentially make a run at petroleum.

Arguably, electric vehicles should be the easy answer to ‘widespread’ by 2030. But look, this is still a huge problem that touches every facet of our lives, and 2030 is only eight years away. In 2014, Hong Kong pro-democracy protests were raging, Moderna was creating a vaccine for Ebola and Russia annexed Crimea and ratcheted up threats to Ukraine.

Not much changes in eight years. In 2030, the U.S. will have exceeded expectations if even 15% of our light-duty vehicles on the road are electric by then—15% is tiny.

I sound very gloom and doom, but all I’m saying is it’s all hands on deck, and we need lots of solutions to hit at this from all sides. There won’t be a silver bullet, and if we investors are lucky/smart, we’ll get a whole bunch of climate tech Googles and Amazons — name your favorite giant disruptor — to bring to market while also successfully staving off the worst of climate change. We need everyone to be a winner.”

USDA awards IndieBio’s Re-Nuble $4.6M to turn food waste into fertilizer

Organic Cycling Science
Organic Cycling Science
Re-Nuble’s Organic Cycling Science (OSC) efficiently transforms organic nutrients into viable, soluble nutrients through a carbon negative process done at scale. Source: Re-Nuble

The United States Department of Agriculture (USDA) recently awarded IndieBio’s Re-Nuble (Food-X 02) a $4.6M grant as one of the awardees of the Partnership for Climate-Smart Commodities. The USDA’s program says it aims to address the climate crisis by “expanding markets for America’s climate-smart commodities, leveraging the greenhouse gas benefits of climate-smart commodity production, and providing direct, meaningful benefits to production agriculture, including for small and underserved producers.”

Re-Nuble transforms food waste into plant-based technologies for both soil-based and chemical-free hydroponic cultivation. Re-Nuble won the grant with a project that focuses on turning on-site agricultural byproducts and unharvested residuals into regenerative and sustainable products, like fertilizer. This closed-loop agricultural method can address the water crisis in the Southwest by helping farmers earn revenue from nutrient systems previously thought to be unusable. 

Speaking on the recent grant, Re-Nuble founder and CEO Tinia Pina said: “Re-Nuble is pleased to see the USDA prioritize more resources for small and underserved producers, as we have often witnessed larger producers benefit from innovative solutions. . . . I think that it’s incredibly honorable for the USDA to offer a program that provides market, equipment, and monetary support that is also focused on maximizing scalability.”

The New York Times spotlights IndieBio’s MycoWorks as leader in alternative leather

MycoWorks creates a mushroom-based material that has the softness and resiliency of leather, but is vastly more controllable and sustainable. Source: MycoWorks

IndieBio’s mycelium-based “leather” maker MycoWorks (SF03 2016) was recently the subject of The New York Times spotlight, “Are Mushrooms the Future of Alternative Leather?”.

The article charts the company’s history beginning with artist Philip Ross’ use of mycelium, a root structure of mushrooms, in one of his exhibits in 2007. While preparing for the show, Ross met and collaborated with Sophia Wang, who was a Ph.D. student at the University of California, Berkeley, at the time. The two experimented with “mycotecture” materials created by manipulating mycelium for six more years before Ross joined up with Wang and co-founded MycoWorks in 2013.

MycoWorks creates material with the appearance and texture of leather but without any animal parts. The development process is significantly more sustainable, too, combining sawmill waste with mycelium to develop customizable thin sheets. The final product, Fine Mycelium, can then be finished by third-party tanneries, and does not require chromium, a toxic substance typically used for animal leather tanning. 

The New York Times reported that MycoWorks, currently based in Emeryville, California, holds more than 75 patents and employs more than 160 people in the U.S., Spain, and France. The company has also secured partnerships with high-end fashion brand Hermès, furniture maker Ligne Roset, and General Motors’ investment arm GM Ventures.

Speaking at a MycoWorks exhibition showroom in New York, CEO Matthew Scullin remarked that Fine Mycelium “can achieve the same quality and performance as animal leathers without the need for any sort of plastics.”

IndieBio’s Catalog successfully encodes and searches eight Shakespearean tragedies in a single test tube of DNA

Catalog aims to store and compute massive amounts of digital data on a DNA-based platform. Source: Catalog

IndieBio’s DNA-based data storage company Catalog (IndieBio 04) recently announced that it has encoded eight of Shakespeare’s tragedies onto strands of searchable synthetic DNA stored in a test tube, and then successfully conducted text searches of the more than 200,000 words. The Boston Globe highlighted this feat in the article, “Boston startup can search Shakespeare’s plays in a test tube of DNA”

Catalog’s founders Hyunjun Park and Nathaniel Roquet first hatched the idea of DNA-based data storage at MIT, where their company took off with the help of IndieBio and the StartMIT program. (Roquet has since moved on from Catalog and is now the lead scientist at Cambridge-based Tessera Therapeutics.)

Catalog’s minivan-sized proprietary machine, “Shannon,” encodes data onto strands of DNA using technology not unlike an inkjet printer, The Boston Globe explained. Once the data is encoded onto a plastic film, the DNA strands are transferred into a liquid solution for computing and storage. The Boston Globe article noted that while electronic computers must move data from storage to memory and compute via a central processor, Catalog’s technology stores and computes data in a single test tube, accelerating the entire process and saving energy. 

“Consider a database that is also in DNA form, containing not genetic information, but digital information,” Park shared with The Boston Globe. “And you’re searching through that not for COVID sequences but a search phrase or a pattern that you’re looking for.”

The company told The Boston Globe that next year, it hopes to demonstrate a search through a DNA-encoded database of 100 million words.

IndieBio’s NotCo raises $70M to build more food brand alliances

Following a successful joint venture with Kraft Heinz, plant-based food startup NotCo is capturing the attention of other packaged-goods companies for similar co-branding agreements. Source: NotCo

In Bloomberg’s article “Bezos-Backed Food Startup NotCo Bucks Trend to Raise $70 Million”, IndieBio’s Chilean plant-based food startup NotCo (SF05 2017) is reported to have raised $70M of funding to build more co-branded alliances with other major food manufacturers. 

Led by Princeville Capital, the new funding round also gained support from Bezos Expeditions, Tiger Global, L Catterton, Kaszek Ventures, and MercadoLibre CEO Marcos Galperin. NotCo’s latest funding efforts matched its series D round in July 2021, placing the total company value at $1.5B. 

NotCo uses AI algorithms to develop plant-based meat and dairy alternatives that look and taste like the real thing. CEO and founder Matias Muchnick told Bloomberg that with the new funding, NotCo will have enough capital for the next five years and that the company will deliver a profit by 2024.

After a successful joint venture with Kraft Heinz in February to manufacture animal-free cheese slices, NotCo has been approached by other packaged-goods companies to strike similar co-branding licensing agreements. NotCo’s products are currently available in the U.S., Canada, Australia, and much of Latin America. The company has also secured partnerships with Shake Shack, Burger King, and Starbucks.

“VC money is really scarce,” Muchnick told Bloomberg in an interview. “What you want to do now is secure cash and find avenues of innovation and revenue streams.”

In a major win for cultivated meat, Upside Foods’ lab-grown chicken clears FDA hurdle

Upside chicken
Upside chicken
Upside Foods is the first company to receive a “No Questions” letter from the U.S. Food and Drug Administration (FDA) for cultivated poultry, meat, or seafood. Source: Upside Foods

According to The Wall Street Journal’s article, “Lab-Grown Poultry Clears First Hurdle at FDA”, the U.S. Food and Drug Administration declared Wednesday that it had “no questions” concerning Upside Food’s lab cultivated chicken.

In a press release , Upside Foods CEO and co-founder Dr. Uma Valeti commented: “This is a watershed moment in the history of food. We started UPSIDE amid a world full of skeptics, and today, we’ve made history again as the first company to receive a ‘No Questions’ letter from the FDA for cultivated meat. This milestone marks a major step towards a new era in meat production, and I’m thrilled that U.S. consumers will soon have the chance to eat delicious meat that’s grown directly from animal cells.”

Upside Foods (IndieBio 02) uses animal cells to grow poultry, meat, and seafood, bypassing the environmental and ethical problems associated with traditional animal farming and slaughter. Upside Foods’ production process uses less water and land than conventionally-produced meat and shrinks the risk for harmful bacteria contamination like salmonella. 

Now that Upside Foods’ first product, cultivated chicken, has cleared the FDA’s premarket review, Upside Foods must receive approval from the US Department of Agriculture before it can go to market in the U.S, the WSJ explained. 

This milestone in Upside Foods’ history follows a string of successes from the company, including a successful $400M series C funding round. Upside Foods also recently acquired cultivated seafood company Cultured Decadence and opened one of the world’s most cutting-edge cultivated meat production facilities called the Engineering, Production, and Innovation Center (EPIC).

IndieBio’s vegan hair extension maker Nourie to launch brand with $2.5M seed round

Nourie founders Osahon Ojeaga and Dr. Mary Moore
Nourie founders Osahon Ojeaga and Dr. Mary Moore
Nourie founders Osahon Ojeaga and Dr. Mary Moore. Source: Nourie

IndieBio’s plant-based hair extension company Nourie (formerly Aja Labs) recently closed a $2.5M seed round led by SOSV, Impact America Fund, and Better Ventures, according to WWD’s article, “Meet Nourie, a Nutrient-filled, Plant-based Hair Extension Brand for Black Women”

Nourie (SF09 2019), a brand founded by Black women for Black women, is on a mission to create ethically-sourced and sustainable hair extensions that bypass the drawbacks of conventional synthetic hair and nourish the hair and scalp during wear. 

Nourie founders Osahon Ojeaga and Dr. Mary Moore are among just 200 Black women who have raised more than $1 million in venture capital, according to a Business Insider spotlight on Nourie. Ojeaga shared a 14-page pitch deck with Business Insider including advice about how to raise capital as a Black woman in America.

Her presentation underscored the importance of hair extensions, wigs, and braids as a status symbol across all demographics and economic statuses. Ojeaga also noted that the hair extension market is anticipated to reach $13B by 2026, with individuals spending roughly $2K a year on hair extensions. Her deck also tells investors about the current issues customers face, including skin irritation and potential endocrine disruption. Nourie’s sustainable solution, according to the presentation, brings biomass, crop waste, and green chemistry together to engineer human hair and planet-safe materials that nourish the scalp and hair.

In an interview with BeautyMatter, Ojeaga commented, “Hair has become a status symbol for women everywhere. Black women have been subjected to some of the lowest quality materials by way of fashion and beauty products, leading to irritation and contamination. We are championing a new future, in which sustainability and wellness are paramount.”

Here are videos for all the sessions at the 2022 SOSV Climate Tech Summit

Title graphic for the SOSV Climate Tech Summit

We just completed our two-day summit (Oct. 25-26), which included 22 panels and fireside chats with leading founders, VCs, researchers and policy experts.

We had a great turnout, with more 6700 people registered this year, from 88 countries. We recognize that the event was not available during waking hours in much of the world so we wanted to make the sessions available on-demand right at the show’s conclusion.

The full recordings for each day are here for Day 1 and Day 2. You can find each session listed with its corresponding YouTube link below.

Welcome to SOSV Climate Tech Summit 

Watch Session on YouTube


How to invent climate unicorns

Watch Session on YouTube

MIT’s Dr. Yet-Ming Chiang has an astonishing knack for converting science into indispensable climate tech companies, including unicorns Form Energy and Desktop metal and rising star Sublime Systems. How does he do it? And what spaces does he see in the vast materials space?


Who writes those early checks, and why?

Watch Session on YouTube

In venture investing, early checks are usually the riskiest, and when it comes to deep tech climate startups, the risk is especially high. How do VCs who put early capital to work decide which founders to back, and in what climate sectors? How do they coach their founders and what do they expect in the early years?


Nuclear fusion, the forever promise

Watch session on YouTube

More than $5 billion in venture capital has heated up the race to produce commercially viable, nuclear fusion power – as soon as the 2030s. Helion Founder David Kirtley is one of the frontrunning founders in the race to make this near perfect energy technology a reality.


Is this geothermal’s moment?

Watch Session on YouTube

One cure for the limitations of solar and wind is the geothermal potential right under our feet, but the US produces less than 1% of its energy from geo. Dandelion and Quaise are working on solutions that will transform access to geothermal’s untapped possibilities.


  • Carlos Araque, Quaise Energy, Co-Founder and CEO
  • Kathy Hannun, Dandelion Energy, Co-Founder and President
  • Moderator: Candice Ammori, Founder, The Climate Vine

Who writes series A & B checks and why?

Watch Session on YouTube

The value of Series A investments in climate tech grew 76% to $5.3 billion between 2020 and 2021, while Series B investments doubled to $8 billion. Khosla, USV and EIP are in the thick of the competition to write those checks. Hear how these investors pick their bets. 


The Swedish Way: How Vargas Built NorthVolt, Polarium and H2 Green Steel

Far from Silicon Valley, Carl-Erik Lagercrantz co-founded Vargas Holding and launched three notable companies to re-shore critical clean industries. Can their novel playbook apply to other industries and geographies?

Watch Session on YouTube


When the sun and wind aren’t around, what then?

Watch Session on YouTube

Globally, carbon offsets are traded on ETS generally well below $100/tCO₂. The trouble is that most solutions for carbon capture and storage still cost well above $100 per ton. Who will close the gap? We’ll hear from two founders who believe they have the technology and business model to get there. And to keep the conversation grounded, we’ll run it by a scientist whose life’s work is to figure out carbon capture.


What’s the right role for Uncle Sam?

Watch Session on YouTube

Whether it’s consumer incentives for electric cars or FDA approvals for alternative proteins, startup founders often need help from legislators and regulators to succeed. What is the best way for the government to help innovators succeed without playing favorites or making the wrong bets? 


  • Sarah Hunter, X (Formerly Google X), Director of Global Public Policy
  • Dr. Jesse Jenkins, Princeton University, Assistant Professor and Macro-scale Energy Systems Engineer
  • Robin Millican, Breakthrough Energy Ventures (BEV), Director, U.S. Policy and Advocacy
  • Moderator: Danny Crichton, Lux Capital, Head of Editorial

The DoE’s $40 billion “bridge to bankability”

Watch Session on YouTube

The US Department of Energy has a $40 billion loan facility to assist critical, sustainable energy projects. It’s Jigar Shah’s job to make the call on those loans, and he’s studying 77 applications. So how does that work, exactly?


A rockstar VC returns to “fix” climate and secure humanity’s future

Watch Session on YouTube

Legendary software investor Chris Sacca came out of retirement to raise more than $1 billion for his new climate fund, Lowercarbon, and build a team focused on climate science and investing. In no time, they’ve invested in more than 60 companies. What has Sacca learned so far?


Termination Shock, the near now

Watch Session on YouTube

Neal Stephenson’s latest, “Termination Shock,” is a riveting take on what the near-future life might look like when climate goes badly sideways. What does the sci-fi legend really think about humanity’s ability to address the challenge?


Can direct air capture save the day?

Watch Session on YouTube

The Biden climate package set aside billions to support carbon dioxide removal technologies, and Climeworks is spear-heading the direct air capture (DAC) globally, with the world’s largest DAC facility and storage installation in operation. Co-founded by Dr. Christoph Gebald, the scale-up is on a journey to climate impact at scale and strives to inspire 1 billion people to act and remove CO2 from the air. How far has the technology developed, and what does it take to scale it up as fast as required? How does direct air capture become a real business? 


Carbon reduction three ways – forests, algae and making things

Watch Session on YouTube

Our planetary ecosystem scrubs C02. Can we help forests and ocean life do better? Or borrow nature’s photosynthesis to make atmospheric CO2 into valuable materials and fuels? These three founders are putting nature to work to reduce C02. 


Singapore is way ahead. They have to be.

Watch Session on YouTube

Climate change is an existential threat to Singapore, but unlike most small island states Singapore has the financial resources, technological capability, and governmental focus to address climate change on fronts. At the center of that effort, is Minister Grace Fu.


  • Grace Fu, Singapore, Minister for Sustainability and the Environment.
  • Moderator: Ben Joffe, SOSV, Partner

Can plants and AI curb the livestock GHG problem?

Watch Session on YouTube

Can plants replace the animals in our diet? Livestock accounts for 14.5% of global greenhouse gas emissions, and unicorn Notco has taken on dairy with a plant-based milk and is using an AI-driven platform to design an arrray of plant-based protein replacements. How far can Notco go, and how fast?


  • Matias Muchnick, NotCo, Founder and CEO
  • Moderator: Amanda Little, Columnist for Bloomberg and Professor of journalism and science writing at Vanderbilt University

When farming goes indoors

Watch Session on YouTube

Food and climate have a tricky relationship. Unsustainable agriculture is a big GHG source; worsening climate risks food production and famine. Food production in sustainable facilities, If they can scale economically, may be an answer, or so these founders hope.


Alternative protein scale-up? There’s a corporate for that.

Watch Session on YouTube

Startups in food tech face daunting capital and know-how challenges to scale production. That’s why brewer giant AB InBev created BioBrew, a new division to build precision fermentation operations (beer, get it?) for the likes of partner The Every Company. How did that collaboration come to pass and how is it working?


How can ag tech feed and save the planet at the same time?

Watch Session on YouTube

Industrial agriculture is a major contributor to the greenhouse gasses that drive climate change, and at the same time our ever hotter planet is putting food production everywhere under an unprecedented strain. The challenge for ag tech pioneers is to address both challenges at once.


  • Josh Silverman, Aromyx Corporation, CEO
  • Matias Viel, Beeflow, Founder and CEO
  • Toni Wendt, Traitomic – Carlsberg Group, Head of Technology Development and Operations
  • Po Bronson, SOSV General Partner and IndieBio SF Managing Director

A $3.6 billion investment company for future generations towards a net zero world. Singapore, of course.

Watch Session on YouTube

Temasek, a global investment company, was already a global leader in climate tech investing when in June it announced the launch of GenZero, a wholly-owned $3.6 billion investment platform company dedicated to accelerating decarbonisation globally. GenZero CEO Frederick Teo will address how GenZero plans to put that capital to work. 


New ways to make materials, minus the carbon.

Watch Session on YouTube

So much of what we take for granted, from plastic, to wood to concrete and steel involve processes that contribute mightily to GHG emissions or other unsustainable processes. These three founders are walking the fine line between new green technologies and promising commercial replacements for legacy approaches. 


Welcome to climate tech investing

Watch Session on YouTube

In little more than a year, 72 new climate venture funds and $13 billion in fresh capital pulled up to the climate startup ecosystem. More capital is great for the sector, but how do these new general partners see the opportunity? Which stages and categories do they like? 


SOSV Climate Tech Summit Closing Remarks

Watch Session on YouTube

Where do we go from here?


Thank you for joining the SOSV Climate Tech Summit!

At the SOSV Climate Summit, IndieBio’s Po Bronson and three founders talk ag tech at the intersection of food security and climate change

Farming, the world’s oldest industry, is both a cause and victim of climate change. The UN’s Food and Agriculture Organization (FAO) estimates that 31% of CO2 equivalent emissions come from the agri-food system. At the same time, climate change threatens to reduce crop yields and increase the risk of crop failure by, among other things, intensifying heat and drought and decimating pollinators like bees.  

New agricultural technology (agtech) could reduce emissions and enable us to produce more and better food, even in a warming world. Towards that end, VCs invested a record $4.9 billion into 440 agtech startups in 2021, with big rounds for alternative proteins and vertical farming. But what makes an agtech company a climate tech company, and what doesn’t? Are farmers prepared to trust and partner with tech startups?

The SOSV Climate Tech Summit (Oct. 25-26 / free & virtual / register now) presents a panel of three agtech innovators addressing different dimensions of climate change. 

Matias Viel is founder and CEO of Beeflow, which creates and manages pollination programs that increase crop yields by up to 60%. By rearing stronger and smarter bees, Beeflow could protect populations against climate change, optimize agricultural land use, and minimize use of pesticides, a significant source of emissions. Beeflow is a graduate of SOSV’s IndieBio startup program and has raised $11.3M to date from investors including Ospraie Ag Science and Grid Exponential.

Toni Wendt is Head of Technology Development and Operations at Traitomic, a Carlsberg Group subsidiary that uses molecular genetics to develop beneficial traits in crops—like higher nutritional value and resistance to hot, dry weather. Traitomic was born at the Carlsberg Research Laboratory (CRL), which researches all things related to brewing, including crops. The team uses a non-GMO breeding method called FIND-IT, co-invented by Toni, to rapidly identify useful crop variants and breed them into new varieties.  

Making its debut at the SOSV Climate Tech Summit is N3, an IndieBio graduate led by founder and CEO Dr. Josh Silverman, a repeat biotech founder and expert in methane conversion. Livestock accounts for 14.5% of global greenhouse gas emissions, while production of ammonia—mainly for fertilizers—is responsible for 1.8% of CO2 emissions. N3 addresses both problems by collecting cow methane (mostly burps, but some farts) from the dairy house and piping it to dirt microbes which convert methane into nitrogen-rich fertilizer (ammonia). N3 can turn any source of methane into ammonia.

The panel will be moderated by SOSV General Partner Po Bronson, Managing Director of IndieBio. He is an award-winning science journalist and author of seven best-selling books, most recently Decoding the World: A Roadmap for the Questioner, which focuses on the synbio revolution.  

Will agtech make a difference for climate change mitigation and adaptation? 

Register today for the SOSV Climate Tech Summit to find out

Also, be sure to check out other ag-related panels covering precision fermentation, vertical farming, and plant-based dairy

Matias Viel is an award-winning innovator and entrepreneur working to build a food system more in harmony with nature. He is the founder and CEO of Beeflow, a biotech company that helps farmers improve the impact of pollination and improve the health of bees through proprietary technologies and advanced scientific knowledge so that farmers can produce a bigger crop without needing additional inputs. He was awarded the 2018 MIT Innovators under 35 award.

Toni Wendt is a passionate trait developer with a PhD in crop genetics and over 10 years’ experience in genetic crop improvement. During his time at the renowned Carlsberg Research Laboratory, Toni co-invented Carlsberg’s non-GM trait development technology ‘FIND-IT’ and co-founded the Carlsberg venture Traitomic. Today Toni is supporting Traitomic’s journey to utilize advanced genetic screens to provide more diverse, nutritious, and sustainable food for the future.

Dr. Josh Silverman is founder and CEO of N3, an agtech company that upcycles methane into ammonia-based fertilizer. Dr. Silverman has over 20 years of successful entrepreneur experience in new biotechnology research, development and commercialization and is a world leader in methane conversion technologies. He has been involved in raising over $300M in equity financing over his various companies, resulting in over $1.7B of cumulative exit value to date. 

Po Bronson is passionate about reconceptualizing complex challenges into more elegant forms, to broaden understanding and highlight priorities. He’s been at IndieBio SF since 2018. Po is a longtime science journalist honored with nine national awards, and author of seven bestselling books that are available in 28 languages worldwide. His work has been cited in 185 academic journals and 503 books. Most recently, Po is the author of Decoding the World: A Roadmap for the Questioner.

IndieBio’s TômTex hits the runway with “leather” made from food waste

TômTex Co. creates plastic-free, 100% naturally biodegradable alternatives to synthetic and animal leathers made from seashell or mushrooms waste. Source: TômTex Co.

IndieBio’s biomaterial company TômTex Co. (NY03 2021) recently appeared on the runway in Peter Do’s first-ever menswear collection, according to Hypebeast’s article “Here’s a Closer Look at Peter Do’s “Green Chemistry” Used in His SS23 Show”.

Do partnered with TômTex to create leather-like materials from shrimp and mushroom food waste, demonstrating a sustainable step forward in clothing production.

Speaking on TômTex’s collaboration with Peter Do, TômTex founder and CEO Uyen Tran told Hypebeast: “We could not have asked for a better partner than Peter Do to introduce our first garments made from seashell waste and mushrooms to the global community. I worked for Peter in the early years of his brand. The philosophy he adopted for fashion and the way he prioritized community and people has profoundly impacted my view of the material world.”

Is the world’s largest brewer the secret to scaling green food production? Find out at the SOSV Climate Summit

Food tech founders
Food tech founders

For millennia, food innovators have used fermentation to create delicious things like beer, yogurt, and sourdough bread. Now, at least 88 precision fermentation startups have collectively raised more than $2.8 billion to develop animal proteins—without the animals and associated greenhouse gas emissions. Essentially, they program microorganisms to produce proteins chemically identical to those found in nature. But can they ferment these proteins in quantities great enough to replace the farmed versions? 

At the SOSV Climate Tech Summit (Oct. 25-26 / free & virtual / register now), discover how BioBrew, an AB InBev-affiliated project,  and The Every Company (fka Clara Foods) are partnering to scale up fermented proteins.

EVERY founder and CEO Arturo Elizondo has built a food tech unicorn that makes real animal protein through precision fermentation without using a single animal. Elizondo’s team has raised $240M backed by McWin, Rage Capital, Temasek, Wheatsheaf Group, SOSV, TO Ventures, and Prosus Ventures. A graduate of SOSV’s IndieBio program, EVERY has earned praise for its animal-free egg white proteins, now used in Chantal Guillon macarons and Pressed protein smoothies.      

Also joining the panel is Patrick O’Riordan, founder of BioBrew, whose team focuses on precision fermentation at commercial scale. BioBrew is backed by ZX Ventures, the investment arm of AB InBev, the world’s largest brewer. In April 2021, BioBrew and EVERY inked a deal to ramp up production of animal-free egg proteins. By applying technology from Ab InBev, perhaps BioBrew and EVERY can ferment at a scale that would disrupt factory farming and make a difference for the climate. 

Dr. Pae Wu, General Partner at SOSV and Chief Technical Officer at IndieBio, will moderate the panel. An electrical engineer by training, Dr. Wu transitioned into biotechnology while serving the Defense Advanced Research Projects Agency (DARPA).

Is the world ready for ferm-to-table proteins? And will they make a difference for our climate? 

Register today for the SOSV Climate Tech Summit to find out

Learn more about the Summit. 

Arturo Elizondo is Founder and CEO of food technology company, The EVERY Company, based in Silicon Valley. EVERY leveraged precision fermentation to brew real animal proteins without the use of a single animal – starting with the world’s first animal-free egg proteins made without chickens. 

Prior to founding EVERY under the name Clara Foods in 2014, Arturo served under Supreme Court Justice Sonia Sotomayor, the U.S. Department of Agriculture, and the investment bank Credit Suisse. 

Patrick O’Riordan is founder and Global Head of BioBrew, a corporate venture of AB InBev that aims to bring advanced precision fermentation to commercial scale. Previously, O’Riordan was co-founding partner and VP Exploration at ZX Ventures, the global investment and innovation group of AB InBev. He holds a PhD in Food Science & Technology from University College Cork, Ireland.

Dr. Pae Wu is a Partner at SOSV and CTO at IndieBio, where she is responsible for portfolio management and technical oversight. Prior to joining IndieBio, Pae served as the Scientific Director of Telefónica’s moonshot factory, Alpha (in Barcelona). She was Science Director at the US Office of Naval Research – Global (out of Singapore), and technical consultant at the Defense Advanced Research Projects Agency (DARPA).

Bloomberg points to Singapore-based Vertical Oceans for eco-friendly shrimp farming

Vertical Oceans
Vertical Oceans
Bloomberg called Vertical Oceans’ aquaculture approach “a mashup of a data center and your local parking garage.” Source: Vertical Oceans

IndieBio’s Singapore-based aquaculture company Vertical Oceans (IndieBio SF11 2021) recently attracted attention in Bloomberg’s article, “Shrimp Farming Is Coming to a City Near You”. Bloomberg described how venture capitalists poured $39B into the food tech companies in 2021, according to Pitchbook Data Inc. Vertical Oceans in particular raised a $4M seed round led by SOSV and Khosla Ventures last year. 

Vertical Oceans has developed algorithms to manage shrimp production in autonomous tanks that will be located near onshore demand centers like Tokyo or Las Vegas. With its balanced ecosystem of shrimp, fish, and algae, Vertical Oceans bring “farm to fork” seafood to consumers within eight hours—cutting down on the devastating ecological effects of traditional shrimp farming. 

“We’re demonstrating what the future of efficient protein production could look like,” explained Vertical Oceans’ co-founder and CEO John Diener.

IndieBio’s Novoloop makes upcycled outsole for On’s new running shoe

Novoloop and On have partnered on a new carbon capture consortium shoe using thermoplastic polyurethane made from upcycled plastic. Source: Novoloop

IndieBio’s materials company Novoloop (RebelBio 02) has partnered with athletic shoemaker On to produce an outsole for On’s Cloudprime sneaker from upcycled thermoplastic polyurethane, TechCrunch reported in the article “Materials startup Novoloop brings its upcycled outsole to On’s new running shoe”.

Novoloop transforms low-value plastic waste into high-quality chemicals and materials—it’s first product being Oistre, a thermoplastic polyurethane (TPU) material for durable products like shoes, apparel, sporting goods, electronics, and cars. 

In June 2022, TechCrunch also reported that Novoloop had raised a $10M series A extension round led by Taizo Son’s Mistletoe and Hanwha Solutions and joined by SOSV, Valo Ventures, Drive Catalyst, Alante Capital, and S Cap. The extension brought the series A to $21M and the total funding to date to $24M. 

“Our TPU has performed so well in the test that On felt confident enough to put it on the Cloudprime for the [Elemental Excelerator event] reveal,” Novoloop co-founder and CEO Miranda Wang told TechCrunch. “But furthermore, we’re working together on all of the scale of planning to get our TPU into their shoe for mass production.”

IndieBio’s cultivated meat startup Prolific Machines emerges from stealth with $42M from investors

IndieBio’s founder Arvind Gupta shared five valuable lessons he learned from investing in cultivated meat startup Prolific Machines. Source: Prolific Machines

IndieBio’s cultured meat startup Prolific Machines has emerged from stealth mode, announcing  $42M in combined seed and series A funding. Prolific Machines started in SOSV’s IndieBio development program, and Arvind Gupta at Mayfield (previously co-founder of IndieBio) led the $3.1M seed round, followed by the series A led by Breakthrough Energy Ventures. 

TechCrunch described how Prolific Machines is taking a “Henry Ford approach” to cultured meat by developing a scalable “assembly-line” manufacturing process to create cultivated proteins. Prolific Machines’ technology greatly reduces the costs associated with the recombinant proteins in growth mediums used today by startups focused on cultivated proteins. They plan to produce their own cultivated meats as well as license their technology to other cultivated meat producers.

Po Bronson, managing director at IndieBio and general partner at SOSV, commented that “Prolific was a radical idea with a truly incredible team, exactly what IndieBio loves. Prolific has broken all of the records at IndieBio, and I see their technology as the best in this space.”

“When Deniz showed me what they were doing, I was blown away by the creativity in their approach to reinvent the assembly line for food production,” Gupta said in Prolific Machines’ press release. “I am convinced Prolific Machines will be a winner in the race for sustainable food production.”

In a separate post on Mayfield’s website, Gupta reflected on the insights he took away from investing in Prolific Machines

The history of technological revolution occurs in a cycle of invention first and scalability second, he argued, where innovations are made affordable and accessible. Prolific Machines is revolutionizing the assembly-line process to manufacture cultured meats and more. By eliminating the most expensive driver of cell culture—recombinant growth factors—industries beyond meat production, including drug production, can adopt lower priced, more sustainable ingredients. He also noted that great founders are radicals, and Prolific Machines’ co-founder and CEO Dr. Deniz Kent found his radical inspiration in a desire to put his background in stem cell research to work in the fight against climate change through more sustainable food production.

Prolific also published the list of investors who have joined to back Prolific Machines. They include: David Adelman, Mark Cuban (owner of the Dallas Mavericks), The Kraft Group (owners of the New England Patriots), David Rubenstein, Michael Rubin, Breyer Capital, The SALT Fund, Purple Orange Ventures, Fred Blackford, Jake Poliskin, and Baruch Future Ventures. A number of celebrities and restaurateurs have also invested in Prolific including: Kevin Love, Tobias Harris, Meek Mill, Ciara & Russell Wilson, Emily Ratajkowski, Maverick Carter, Sean Feeney, Michael Schulson, Mark Bucher, and RJ Melman.

IndieBio’s Catalog teams up with Seagate for DNA-based data storage platform

Catalog is developing a DNA-based data storage platform.
Catalog is developing a DNA-based data storage platform.
Catalog’s DNA-based data storage platform may benefit financial fraud detection, image processing for discovering defects, and seismic processing. Source: Catalog

In the article “Synthetic DNA startup Catalog partners with Seagate for its DNA-based data storage platform”, TechCrunch reported that IndieBio’s Catalog (SF04 2016) is partnering with Seagate Technology to build its automated DNA-based platform for massive digital data storage and computation. In Sept. 2021, TechCrunch previously reported that Boston-based Catalog had closed a $35M series B led by Horizon Ventures and Hanwha Impact, bringing its total funding to date to $60M.

This platform will rely on Seagate’s unique electronic chips, which include tiny reservoirs that process small amounts of liquid synthetic DNA. TechCrunch noted that the DNA-based computation platform will cost less, use less energy, and be 1,000 times smaller than computation systems today. 

“Collaborating with an industry leader like Seagate will help speed our ability to advance DNA storage,” Catalog founder and CEO Hyunjun Park told TechCrunch. “In addition to DNA storage, Catalog has already discovered the means to incorporate DNA into algorithms and applications with potential widespread cases including artificial intelligence, machine learning, data analytics and secure computing. This work with Seagate is essential to eventually lowering costs and reducing the complexity of storage systems.”

IndieBio’s Puna Bio raises $3.7 million to enlist nature’s extremophiles in the effort to help crops survive and thrive

PunaBio microbes
PunaBio microbes
PunaBio captures and cultivates “extremophile” microbes, like the ones pictured above, to restore agriculture. Source: PunaBio

IndieBio’s microbial agtech developer PunaBio (IndieBio SF12 2021) has secured $3.7 million in a seed round was led by Builders VC and At One Ventures, TechCrunch revealed in its article “Puna Bio’s extremophile microbe menagerie survives and revives depleted soil”. Other participants in the funding round include SOSV/IndieBio, SP Ventures, Air Capital, GLOCAL, and Grid Exponential

Puna Bio locates and cultivates beneficial microbes thriving in extreme environments (“extremophiles”) and introduces them to agriculture in milder climates where their plant-aiding processes work in overdrive. The result, TechCrunch noted, is higher crop yields, lower carbon emissions, and restored previously-depleted soil. 

“Our extremophiles are used to living with a low amount of nutrients; they have evolved, for around 2.5 billion years, to optimize nutrient uptakes such as nitrogen or phosphorus,” said PunaBio’s co-founder and CEO Franco Martínez Levis to TechCrunch. “For some properties, they show novel genes, or in other words, novel biosynthetic pathways. For others, the number of copies of the genes is higher compared to a non-extremophile microorganisms, which makes their activity more efficient.”

IndieBio’s The EVERY Company leverages precision fermentation for animal-free egg whites

While alt-meats and dairy make up the bulk of the plant-based market, alternative eggs are a growing category. Screenshot: Bloomberg Quicktake

Bloomberg Quicktake recently tweeted a video highlighting three companies revolutionizing the alt-egg industry—one of which is IndieBio’s EVERY Company (IndieBio SF01 2015). 

The EVERY Company creates an animal-free egg white replacement using precision fermentation to mimic the characteristics of egg, including foaming, gelation, and nutritional properties. Bloomberg Quicktake interviewed EVERY founder and CEO Arturo Elizondo on how EVERY achieves its alternative egg by reverse engineering an egg’s basic building blocks: its hundreds of proteins. 

“All the proteins we work with are found in online databases. They have the same amino acid profile, the same nutritional profile [as eggs],” he says. “Our products are 100% vegan and they’re also 100% animal protein. And so we have this beautiful opportunity to essentially reimagine what the food of the future could look like.”

Catch Arturo at the 2:00 minute mark.

IndieBio’s OzoneBio upcycles paper waste to produce zero-emissions bio-nylon

OzoneBio is creating a low-cost, emissions-free adipic acid from waste feedstocks to make the world’s first bio-nylon 66. Source: OzoneBio

Green tech company OzoneBio (IndieBio SF11 2021) was recently spotlighted in Bioenterprise’s feature, “Start-up uses waste to create world’s first emissions-free bio-nylon”. The Canadian company is upcycling waste from the paper and pulp industry to develop the world’s first nylon 66 without emissions, the article reports. 

Adipic acid, a core building block of the common plastic strengthener nylon 66, produces high amounts of nitrous oxide emissions, which has a heavy environmental and climate toll. Bioenterprise highlighted how OzoneBio is using affordable treated wood waste and natural enzymes called “zombie cells” to create an emissions-free adipic acid powder.

Speaking of adipic acid, OzoneBio’s co-founder Anna Khusnutdinova commented, “The world can’t stop using this polymer because it is one of the most resilient polymers out there, but we have discovered a way to make zero-emissions adipic acid using biocatalysts and enzymes.”

IndieBio’s New Culture teams up with ADM to bring animal-free mozzarella to Midwest pizzerias

New Culture merges traditional cheese-making methods with food science to create cheese that’s sustainable on the planet and its animals and people. Source: New Culture

In Bloomberg’s recent article “Vegan Mozzarella Set to Debut in Midwest Pizzerias in Latest ADM Bet”, Bloomberg reported that IndieBio’s New Culture (IndieBio SF08 2019) has partnered with agricultural trader and processor Archer-Daniels-Midland Co. (ADM) to bring animal-free mozzarella to the U.S. food market. 

New Culture creates animal-free casein protein using a fermentation process to replicate the consistency and melting properties of cheese. With access to ADM’s robust supply chain, manufacturing assets, and affordable ingredients, New Culture will bring its “cow cheese without the cow” to Midwest pizzerias beginning in 2023, Bloomberg said.

“We believe this technology is a game changer and will help lead the transition of the global dairy diet,” New Culture co-founder and CEO Matt Gibson told Bloomberg. “But the partnership with ADM will give us a new scale and competitiveness, and at the end of the day, the decision comes to price, taste, and convenience.”

Minus Materials grows biogenic limestone for carbon-neutral cement

Minus Materials uses calcareous algae to grow carbon-negative limestone for the cement and concrete industries. Photo by Haneen Krimly on Unsplash

Aiming to drastically cut the carbon emissions of cement production, Minus Materials is using microalgae to make a key ingredient in cement, Fast Company reports in the article, “This startup is using microalgae to make carbon-neutral cement”. The startup, spun out of the University of Colorado Boulder’s Living Materials Laboratory, has received seed investment from SOSV and has already supplied samples of its “biogenic” limestone to partners in the cement industry. Minus Materials is in the current cohort at SOSV’s IndieBio SF.

Cement production currently accounts for 8% of carbon emissions globally—partly from energy use and partly from the process of heating up limestone, which releases significant amounts of CO2, Fast Company explains. Minus Materials has found a way to develop limestone with an algae that captures CO2 as it grows, making cement production carbon neutral. 

Speaking to Fast Company about his inspiration for the biogenic limestone, Minus Minerals CEO Wil Srubar said, “It really wasn’t until I was snorkeling on my honeymoon that I started to really think about how these organisms, these macro- and microscopic algae, grow these structures. All they need is sunlight, seawater, and CO2.” He continued, “What we want to demonstrate with our pilot at-scale cultivation is that this is a replicable model anywhere in the world.” 

How IndieBio helped Geltor set its sights on the lucrative bio-engineered collagen market

Using a plant-based fermentation process, Gelter biodesigns collagen for beauty, nutrition, food, and beverage markets. Source: Gelter

The New York Times recently spotlighted Geltor, an alt-protein company in Indie Bio’s portfolio (IBSF02 2015), in the article, “Is Bio-Designed Collagen the Next Step in Animal Protein Replacement?”.

The New York Times charts Geltor’s foray into the production of bio-engineered collagen, produced without any animal ingredients, and the firm’s success in working with cosmetics companies to provide essentially vegan collagen for all manner of cosmetics. The story recounts how seven years ago Geltor’s plan looked very different, and how SOSV’s IndieBio helped re-write the script.

“The new company was accepted into IndieBio, a biotech venture capital firm based in San Francisco that has incubated a host of alt-protein companies including Upside Foods (which cultures cow and chicken cells to make meat) and Perfect Day (which bioengineers microbes to produce milk proteins),” the article reports. “IndieBio’s leaders convinced [Geltor founders] Dr. Lorestani and Dr. Ouzounov that Geltor needed to sell a product, not a platform, and the partners settled on bio-designed collagen. Collagen is plentiful in all animal bodies, but Americans often encounter it in food-grade gelatin, nutritional supplements, and hair and skin-care products. They saw a growing market for collagen in luxury skin-care products, particularly in Asia.”

Amid vegan ingredient shortage, IndieBio’s NotCo taps AI for plant-based alternatives

Chilean plant-based food producer NotCo is using AI to find vegan dairy and meat alternatives—even amid supply chain disruptions. Source: NotCo

Plant-based food producer NotCo (IndieBio SF05 2017) has a secret weapon against critical supply chain disruptions, according to Bloomberg’s recent article, “The AI Platform Behind a Bezos-Backed Startup’s Vegan Burgers”. The Chilean-based company is tapping into an artificial intelligence platform named Giuseppe to find an alternative to sunflower oil—a crucial ingredient to one-third of all vegan meat alternatives, and one that has been in short supply because of the war in Ukraine. Giuseppe draws from a large database of plant-based versions of animal products, allowing it to create new formulas based on flavor, texture, color, and nutritional profile. 

Bloomberg cites NotCo’s impressive list of investors from Tiger Global, which led the series D, to Formula One driver Lewis Hamilton to Amazon tycoon Jeff Bezos. (Notco has raised $363 million.) SOSV is also an investor and Notco is a graduate of SOSV’s IndieBio program. The article also paints the breadth of plant-based producer’s reach across fast food chains globally: NotCo has brought vegan options—both plant-based burgers and milkshakes—to Burger King, Shake Shack, Smash Burger, and Starbucks, among others, throughout Latin America, Australia, Canada, and the U.S. The unicorn startup will release its products in Europe and Asia this year.  

Giuseppe has helped NotCo formulate its two most popular dairy and meat alternative lines, NotMilk and NotBurger, using ingredients as surprising as cabbage juice and as common (to vegan recipes) as pea protein. “What NotCo is trying to do is offer a solution to the entire industry,” NotCo co-founder and CEO Matías Muchnick told Bloomberg. “When you take the animal out of the equation and you replace it with plants, everything gets way more efficient, exponentially.” 

Indiebio’s Kelp-based textile company AlgiKnit closes $13M series A, opens new facility

scientist looking at spindle of thread
AlgiKnit Closes $13 Million Series A To Scale Production To Meet Global Demand. Photo credit: AlgiKnit.

In the article, “Materials Innovator AlgiKnit Closes $13 Million Series A T Transform the Textile Industry’s Environmental Impact,” SynBioBeta reports that biomaterials company AlgiKnit (IndieBio / RebelBio 05) has completed a $13 million Series A funding round led by Collaborative Fund with additional support from Starlight Ventures, Third Nature VenturesHorizons Ventures, and SOSV. Just Style’s article “H&M Group joins funding for seaweed yarn maker Algiknit” also reveals that H&M CO:LAB, the investment arm of H&M Group, has lent additional funding support.

Algiknit leverages kelp, a type of seaweed, to create sustainable yarns and fibers across a number of industries including fashion, interiors, and automotive. In addition to closing its Series A, AlgiKnit also opened a new manufacturing facility in the Research Triangle area of North Carolina, according to SynBioBeta. 

Speaking of Algiknit’s recent funding efforts and new manufacturing facility, AlgiKnit co-founder and CEO Tessa Callaghan commented, “This is a huge next step in bringing this technology to scale, and creating positive, tangible change for the planet. We are so excited to partner with new and existing investors who share our vision for transforming the fashion ecosystem.”

Closing a $6M series A, Chinova Bioworks targets mushroom-derived preservatives

In the article, “AgFunder-backed Chinova Bioworks raises $6m Series A funding for natural shelf-life extender”, AgFunderNews reports that Chinova Bioworks, a company developing fungi-based preservatives, closed a series A round worth $6M. This brings Chinova Bioworks’ total funding to date to $11.8M. 

Leading the most recent series A round was DSM Venturing and Rhapsody Venture Partners with additional participation from Rich Products Ventures. In Chinova Bioworks’ 2018 seed round, DSM Venturing and Rhapsody Venture Partners invested $2M alongside AgFunder and Natural Products Canada. The company’s pre-seed funding was headed by SOSV, the New Brunswick Innovation Foundation, and the First Angel Network, according to AgFunderNews.

Using white button mushroom fiber, Chinova Bioworks creates a clean-label alternative to chemical preservatives in food—particularly in dairy, plant-based meat, baked goods, sauces, spreads, and beverages. 

Explaining the consumer demand for natural ingredients, Chinova Bioworks co-founder and CEO Natasha Dhayagude remarks, “The [Covid-19] pandemic has accelerated the trend for food safety and health-focused products.”

By Hannah DeTavis

Watch IndieBio NY’s Spring 2022 Class 04 Demo Day

It was definitely a night to remember! After months of hard work, many came together to celebrate the milestones and accomplishments our Class 04 companies achieved during our Spring 2022 program. The event began with opening remarks from Joan Spivak, Senior Director, Life Sciences for Empire State Development, an organization that we are proud to partner with as we work together to build and strengthen the life science and deep tech ecosystem here in New York and beyond. In addition to hearing about each company’s mission, IBNY’s Program and Partnership Coordinator, Maddy Behr detailed what our unique startup development program offers to each team and ways that industry and professional experts can collaborate with us while Alex Hall-Daniels and Lindsay Atkeson, IBNY’s Business Analysts, discussed upcoming future trends in human and planetary health. After each company shared how they were solving issues across three sectors (Therapeutics, Diagnostics, and Industrial and Agriculture Tech), there was a palpable excitement and energy to help these teams succeed in the room. Below, you can find a detailed list of each company and ways to contact them to learn more.

Interested in applying? We are currently accepting applications for our upcoming IBNY05 Fall 2022 cohort here.



Industrial and Agricultural Tech

Announcing the second annual SOSV Climate Tech 100, including 58 IndieBio alums

Now in its second year, the SOSV Climate Tech 100 is shaping up to be a great showcase for SOSV’s climate tech mission and investing. More than half of the companies on the list—58 to be exact—graduated from IndieBio. 

In the past year, the 100 have doubled in valuation, reaching more than $11 billion, and the amount of capital raised by the same companies also doubled, to reach 3.8 billion. The number of unicorns on the list  jumped from two (Formlabs, GetAround) to five (Perfect Day, NotCo, Upside Foods), and those five represent 10% of the climate unicorn count globally. 

In this post over at SOSV’s website, there is a lot more detail on the Climate Tech 100’s  founders and  investors, as well as the complete list. Also worth noting: the planning of this year’s SOSV Climate Tech Summit (October 25 – 26) is well underway (register now). We look forward to advancing the conversation about the emerging climate tech ecosystem with investors, founders, and leaders.

MCJ Collective Podcast: Sean O’Sullivan, Managing Director and Founder of SOSV

MCJ Collective podcast hosts Sean O’Sullivan, Managing Partner and Founder of SOSV to discuss how his team pioneers and runs its world-leading startup development programs, IndieBio, HAX, Chinaccelerator, MOX, and dlab. Sean explains the company’s founding story, his transition from cloud and internet technology to deep tech, and what makes a meaningful climate investment. He also shares about the commonalities across all of SOSV’s startup development programs, why SOSV doesn’t have a specific climate pillar, and advice for investors interested in focusing on climate.

Novoloop raises $11M series A to upcycle single-use plastics

In “Novoloop says it’s worked out how to up-cycle plastic waste, raises $11M Series A,” TechCrunch reports Envisioning Partners led the round with additional support from Valo Ventures and Bemis Associates. According to the article, Novoloop (SOSV RebelBio02) aims to scale its proprietary process to efficiently turn single-use plastics into higher value materials for products like shoes, clothing, automotive parts, and electronics. 

Regarding the advantages of the Novoloop technology, co-founder and CEO Miranda Wang says, “Everybody else is turning this plastic waste polyethylene into fossil fuel reserves. But …our approach is to directly take the polyethylene waste and convert it in one step… So this essentially bypasses many steps and chemistries that would otherwise happen if people were to take it back into oil or into gas.” 

Forbes also covered the story.

SOSV’s Year in Review 2021: Deep tech’s inflection point

In “SOSV 2021: The year in review,” SOSV Managing General Partner Sean O’Sullivan goes over the factors that drove a 40% increase in assets under management and lifted several portfolio companies to unicorn status in what was a “stunning” year for SOSV. 

More important, O’Sullivan argues that the deep tech investing category has hit an inflection point, which is important to SOSV’s deeptech driven missions in human and planetary health. He cites the rapid increase in valuation of the SOSV Climate Tech 100, up 66% since last April to reach $10 billion, and the great progress of SOSV’s companies in the food sector, where SOSV is top-ranked. He cites the following: 

  • In July, NotCo, a 2017 IndieBio grad, raised a $235 million series D led by Tiger Global and reached a reported $1.5 billion valuation. NotCo is a food technology company that originated in Chile and makes plant-based milk and meat replacements.
  • In September, Perfect Day, a 2014 RebelBio company, raised $350 million in a round led by Temasek that pushed the company to a reported $1.5 billion valuation. Perfect Day makes animal-free dairy products.
  • In November, Upside Foods (FKA Memphis Meats), an IndieBio 2015 graduate, opened the world’s first commercial scale production facility, in Emeryville, California, for the production of sustainable, cultured meat.
  • In December, The Every Company (FKA Clara Foods), another IndieBio 2015 graduate, raised $175 million and earlier this year reached an agreement with AB InBev to brew animal free proteins at industrial scale.

Read more.

Bucha Bio aims for fashion, automotive, and design to increase reach and impact

The Forbes article “Social entrepreneur creates a plastic-free substitute for everything from leather to latex” details the journey of 22-year old Zimri T. Hinshaw, founder and CEO of Bucha Bio (SOSV IBNY02 2021). Hinshaw’s business model has evolved from designing jackets from sustainable leather-like material, the article reports, to “developing a plant-based, sustainable, customizable material that can be used instead of everything from leather to latex, selling it to car manufacturers, interior design companies, and fashion brands, among others.”

The startup plans to create formulations of “composite materials, using a renewable bacterial-nanocellulose as an ingredient in what he calls a ‘library’ of biopolymers,” Forbes reports. Bucha Bio aims to outsource production and expand both the reach of their sustainable materials and their impact on the industry.

Kyomei: Empowering Plant-Based Proteins with Flavor

Alternatives to animal protein include plant-based, fermentation-based, and cellular agriculture-based options – but all suffer from a lack of true ‘meatiness.’ Kyomei is using a novel strategy to scale production of meat myoglobin produced in plants. Their innovative ingredient will be the foundation of truly satisfying plant-based protein, providing the umami flavor that consumers crave. We spoke to Kyomei CEO, Meir Wachs, about Kyomei and the future of plant-based protein.

Watch Kyomei present at IndieBio NY Class 3 Demo Day

What was behind your motivation to found a biotech startup?

My journey into the life sciences really began as a means to look for a way to make an impact and a bigger impact rather than just selling proverbial widgets. It was a massive opportunity to make an impact on the world in a very specific, unique way. I thought that biology, synthetic biology and really, all of life science, had just incredible potential to alter the future of humanity.

This is really about impact. And in what arena can you have the most impact, given your skill set, given what you want to do? For me, it was a very deliberate attempt to find a good market, a good fit and a good means in which I can have that impact. Food production was so clear, so obvious, and we had the team and the means to do it. It was sort of a no brainer.

What fundamental idea are you challenging?

I think there’s a prevalent idea that to eat meat and to enjoy the taste of meat, you have to eat meat that is taken from a cow. We don’t think that’s the case.

I think historically, obviously, you get meat—beef or chicken—via an animal production system. Until relatively recently in human history, we didn’t have the technological tools in which we could produce these proteins in alternate ways. Suddenly we’re seeing that we can actually produce things, we can actually create meat using different production systems. In our case: using plant production systems, and we think it’s a far better way to get proteins.

How does Kyomei produce animal proteins?

Kyomei is producing meat proteins inside of plants. 

We use plants as a system to produce meat proteins; the same proteins, the same amino acids that comprise meat proteins, we produce them inside of plants. Our first product and protein is myoglobin, or bovine MB. Myoglobin is a heme iron binding protein that gives meat its meaty flavor but we can produce it entirely inside of plants. 

To the degree that we can make plant-based meat, or meat alternatives, taste more like meat—or even produce identical meat proteins to make meat alternatives taste more ‘meaty,’—people will realize you don’t need the cow to eat ‘meat.’ You can have the same protein, the same taste, the same flavor, but without the cow.

How does the founding team complement one another?

I think you could start businesses and build teams of people who are just like you. And that could be fun, but also could not be so effective. I think with this team, what’s really interesting is that we’re very different and very complementary. And it really stands out as unique in that sense. 

I do not have a science background, I’ve not been trained in biology. My co founder did a PhD in biochemistry, and she spent many years in plant science labs, right. So right there, you understand this is a very different team in terms of complementariness. I’m bringing in the business experience, how to run and how to strategize, together with somebody in the hard sciences to make the product. So it’s a very complementary thing.

What is the mission of Kyomei?

We want to make better tasting plant-based products. We want to empower those products. So we are creating—we are producing, growing the ingredients from inside of the plants to power the next generation of meat alternatives. 

In so doing, we hope to increase their consumption, to increase the availability and increase tastes, and make them taste better, make more people try them. It’s that simple. To the degree that we can accomplish that, and really contribute to that ecosystem of people trying to do that, empowering not just one product, but many products across the ecosystem, and become a platform empowering these products and making them taste better, to that degree, we can impact our world.

Tômtex: Designing the Material Revolution

Bio-based materials are the future, and Tômtex is designing the petrochemical-free revolution. The New York-based startup has garnered awards from design schools and fashion competitions for its material, which uses seashell waste as its foundation. By using entirely green chemistries, Tômtex creates entirely biodegradable exotic leather substitutes with incredible strength and beauty.

Watch Tômtex present at IndieBio NY Class 3 Demo Day

We spoke with Tômtex CEO Uyen Tran about her technology and her vision for the future of materials.

How did your background expose you to the waste of fast fashion?

I grew up in Danang, Vietnam, and experienced textile pollution and leather manufacturing just a few blocks from my home. 

Growing up, I didn’t have any new clothes to wear, and I wore secondhand clothes, which were discarded from the Western countries. And I developed the passion for fashion because I learned of the brand, and I learned of the designer from those secondhand clothes, clothes like Ralph Lauren, Nike, Adidas.

So fast forward, I moved to New York, and worked as a fashion designer and textile designer here for a few years. And, instantly, I can connect right away where the problem comes from.

What did you learn as a designer about fashion waste?

Fossil fuel materials and fabrics are very cheap, and a lot of brands work within a budget. We get the materials and we don’t have a lot of alternatives. We don’t have a lot of sustainable material alternatives to those synthetic fabrics. So at that point, I don’t have a lot of choices. That’s why it’s very hard for me to source sustainable materials in general.

When I worked with brands and designers, I developed a passion for materials. I think material is the fundamental starting point of the product, yet not a lot of people fall into textile design.

What is the mission of Tomtex?

At Tômtex, our mission is to create the next gen bio materials that can be accessible, practical and sustainable alternative to commercialized fossil fuel-derived materials.

What can you tell me about the chitosan used in Tômtex materials?

Chitosan is the second most abundant biopolymer on Earth, just behind cellulose. It has a lot of different great characteristics, and is antimicrobial, biodegradable and biocompostable.

We are using shell waste—seashell waste, lobster waste, crab waste, crab shell waste, and mushroom—to obtain chitosan. And we use that chitosan to mix with other biopolymer or green substances in a strong crosslinking process to produce the materials. 

At this stage, we start with leather first. So our material has the performance of leather, and it can be applied into different industries.

How do you create enough material to disrupt the fashion industry?

The biggest question is ‘how do you scale up your technology?’ And I believe that sustainability requires technology that can scale up, with the civilization, to meet the civilization where it’s at. 

So to answer that question about scalability, we at Tômtex, our technology is very easy to scale up because we use waste as our raw material. We use the existing equipment and factory again for our productions, so we don’t create the whole new system to create materials. 

So far, in our productions, we already create around 500 sheets of the materials with the lab-scale productions. In the future, it will be very easy for us to scale up with bigger facilities, better equipment, and even lower cost of the materials.

How do you believe material science can address the climate crisis?

Look around us, right—materials are the starting point of everything! And I believe that materials fundamentally have a great impact in our everyday life and our lifestyle. 

At Tômtex, we envision the world where people surround themselves with high performing materials, sourced directly from waste, not from fossil fuels.

Ceragen: Growing a Sustainable Future through Probiotics for Plants

Ceragen produces probiotics for plants that help crops grow faster and bigger.  Their unique discovery platform allows Ceragen to identify the ideal microbial consortia for each crop type, including crops like tomatoes and lettuce.

Watch Ceragen present at IndieBio NY Class 3 Demo Day

We spoke to CEO Danielle Rose about the importance of producing high quality produce and her passion for commercializing research discoveries.

What is sustainable intensification and why is it important?

The majority of the world’s population does not have access to sufficient vegetables to actually meet a healthy diet. Also, in terms of climate change, it’s getting harder and harder to continue producing foods. So we’re having to clear more land, and just keep expanding our agricultural practices. 

What we really need to be doing—and what people are starting to do—is something called sustainable intensification, or producing more food from less land. This means that there is more land available for things like reforestation, and really not having to have that negative impact, like clearing the land that we have traditionally had to have with agriculture.

What makes you feel so passionate about commercializing basic research findings? 

​​There are researchers making all of these amazing discoveries all the time that never really make it to market because that process isn’t something taught to a lot of scientific people. We don’t get taught market discovery in school; we don’t get taught how to do basic business, how to see an idea and be like, hey, this can solve a real world problem that I think people would actually pay money to solve—we can get this out into the real world and make something of it. 

I think that’s a real shame, because there’s a lot of amazing research that just sits and doesn’t make the positive impact that it could! This is really a waste of resources and detrimental to society as a whole.

How did you help identify a market opportunity for plant probiotics?

I connected with some professors at the University of Waterloo who are researching plant growth-promoting microbes, since I was an area I was interested in. I started to help them do market discovery, since I had gained some business experience in the previous year, when I had worked on a startup that I started with a friend. 

One of the things that we had determined was, wow, we have this amazing market opportunity here with these microbial products! And the ability to not only make a social impact, where we help increase fresh vegetable production, so that people have a more sustainable, better opportunity to access the sort of fresh vegetables, but also to increase the environmental sustainability of agriculture by increasing the amount of food that we can produce from the same amount of land.

How do Ceragen products help produce more food?

Ceragen is developing microbial products that help plants in a number of ways. These microbes that we’re combining into basically consortiums, or groups, of microbes to help the plant offer benefits, like nitrogen fixation, helping the plants absorb phosphorus, promoting growth, as well as regulating stress. 

How we do that is to take known plant growth-promoting microbes that we have isolated from environmental samples, and test them in all these different plants, to figure out which ones work best under which circumstances in which plants. We combine those together into products that help plants basically increase yields by enabling them to use nutrients better, reducing the amount of fertilizer that is used, as well as promoting growth and the amount of fruit that these products are yielding—or in the case of leafy greens, the amount of vegetation and the size of the lettuce and how fast it gets to market.

Our first product, Ceragen Accelerate, is for use in tomato crops. And we’ve seen anywhere upwards of 20% yield increases in tomatoes in our tests. We are currently in commercial trials for that product, and we have 3 commercial pilots ongoing with greenhouse tomato growers.

What is the mission of Ceragen?

Our mission is to help growers sustainably increase crop yields so that they can generate more revenue from their farms as well as produce more food to help feed our growing population.

I think the concept of the microbiome is pretty new in the agricultural space, all things considered in agriculture. So this is an area where a lot of people have paid attention to in the past and it’s only really started to gain traction in the last little while. So I think that the newness of the problem is something that we do have to face and also, you know, there have been some products that have been used before. That didn’t necessarily live up to the claims that they made. So having really good testing data, having really good validity on the function of our products, is something that we’ve been really striving towards.

Upright: Oat Milk that Nourishes Both People and the Planet

Milk should be a delicious and protein-rich drink, but many alternatives to cow’s milk lack its nutrient depth. Upright has created the world’s first protein-rich, allergen-free, vegan oat milk option with double (or more!) the protein of other oat milks. Upright then improves on cow’s milk to include ingredients that promote gut, heart, and bone health. In addition, each cup of Upright Oats saves 39 gallons of water compared with cow’s milk, making it the healthiest and most sustainable option.

Watch Upright present at IndieBio NY Class 3 Demo Day

We spoke to CEO Betty Tang about oats, building a startup, and how to provide the everyday consumer with healthy, sustainable options.

What is the mission of Upright?

Upright’s mission is to make delicious food that’s better for people and our planet.

I think the challenge inherent in that mission is that consumers are used to a certain way of eating and drinking, and a certain lifestyle. I think it’s challenging to these preconceived notions that, you know, dairy milk, for example, is the gold standard, or that alternative, plant-based products are not as nutritious.

How does Upright challenge the consumer’s idea of nutritious milk?

I think consumers have been conditioned by the dairy milk industry to think that dairy milk is the gold standard, in terms of the amount of protein it has, the amount of calcium, or vitamins in it. At Upright, we’re trying to challenge this assumption by creating a product that matches the nutritional profile of dairy milk. 

Each cup of Upright oat milk has eight grams of protein–but coming from oats rather than from cows–and it has the same amount of vitamins and minerals in terms of the calcium content, vitamins A, B, 12, and D as well, so that consumers can feel great and not feel like they’re making a nutritional trade off when they’re choosing Upright oat milk over dairy milk.

What is the planetary benefit of instant oat milk?

Oat milk is already very sustainable, just inherently, because it’s using oats over other crops that might require more resources. But instant oat milk is even more resource efficient, because instead of shipping a liquid product around the world–which requires a ton of weight and a lot of bulk, meaning it requires more energy to transport and emits a lot more carbon in that process–our instant oat milk instead is a powdered product– meaning that it’s much lighter in weight and much smaller in size–so that it can be shipped directly to consumers doorsteps with just a fraction of that carbon impact. 

Upright’s high protein, allergen-free, instant oat milk will contribute to solving the issue of animal agriculture, which has contributed to climate change, by giving consumers a choice where they don’t feel like they’re being forced to make trade offs. It’s a product that’s just as nutritious, that tastes great, and is super convenient, but without any of the unwanted health or environmental impacts.

What about your technology excites you?

Oats kept me really excited, which is a funny thing to say, but I think that oats are such an incredible crop. One of the big reasons is because they’re so hardy and naturally pest resistant, and so it doesn’t they don’t require as much fertilizer and pesticides and insecticides and herbicides as other crops do. This means that there’s less of these synthetic chemicals that can potentially leach off into neighboring community water supplies and impact human health. 

Another big reason is because they’re so resource efficient, they can grow in suboptimal conditions. They don’t require active irrigation; they are a rain fed crop, and they are good at growing over the winter as well. So they can grow during times of the year when other crops can’t necessarily be grown. 

And beyond that, they’re also really great for soil health. They’re really great at maintaining the nutrients in the soil and maintaining the structure of the soil so that nutrients don’t leak out of that soil.

What are your thoughts on competition in the alternative milk space?

I think the first question that investors or other people ask me about is, what about all the other competitors out there? There’s so many other oatmilk vendors, so many other alternatives in general. 

I’m actually very excited by all the competitors in that space. I think that it’s very clear that we have to make a change in terms of our diets. And the more competitors out there, that means there’s going to be more innovation and there will be more education for consumers and more choices. And I think that a rising tide lifts all ships. So it makes me really excited actually, to have all these other companies coming into the alternative milk space.

What motivates you day-to-day?

Building your own company and building a product that you personally want to see in the world is a super rewarding thing. I find a really strong sense of purpose and mission in what I do. 

The company stems from my passion for sustainability and my belief that business can be used as a force for good. So even when it does get challenging, thinking about the potential impact that I can create on the world is a really rewarding and motivating source for me to turn to and, and a pool of energy to draw on. 

So I think what keeps me motivated to continue the journey is just knowing that the potential impact that can create is so much bigger than just creating one single product, but to be able to introduce the world to a healthier, more sustainable way of life. That that can scale to such a large extent that it’s really exciting and motivating for me to keep moving.

Can you tell us a bit about yourself?

Hi, I’m Betty. I’m the founder of Upright. We make plant-based foods that are better for people and our planet, starting with a high-protein instant oat milk.

I was born in China, and I moved to Canada at the age of two. I grew up there in Vancouver, and I stayed there for my undergrad. I studied accounting and sustainability at the University of British Columbia. 

I never thought that I was gonna end up, you know, building a biotech company. But what happened after my undergrad was I ended up in management consulting, so I worked there for a bunch of giant fortune 500 companies in all sorts of different industries. And I found the most passion in serving these leaders in consumer goods and agriculture and in manufacturing.

What will the world look like when Upright succeeds?

It will not only be a lot more environmentally sustainable, using a lot less resources, emitting a lot less carbon, but also I think consumers will be a lot healthier as well, by choosing a product that doesn’t contain lactose and other unwanted allergens. I mean, two thirds of people are lactose intolerant, which is a huge percentage of the population! I think that people will be a lot healthier in terms of their gut and digestive health. 

And beyond that, I think that people can find a lot more convenience and ease in their lives by using an instant product where they don’t have to schlep themselves to the grocery store and keep it in their fridges and have it go bad. It’s really exciting that consumers can have something that is readily available in their pantries whenever they want to use it and to be able to take it wherever they want to go–whether they’re at home or if they’re, you know, heading on a plane or on a bus, it’s super portable. And so I think it’s a really great opportunity perhaps for a healthier, more sustainable and more convenient world.

Sustainable leather startup MycoWorks to create 400 new jobs at new plant in South Carolina

The VegNews Magazine article “Why South Carolina is the new hub of sustainable vegan mushroom leather” reports MycoWorks (SOSV IBSF03 2016) is “investing $107 million to build its first full-scale mushroom leather production plant in South Carolina, where it will create 400 new jobs.” The move, the expansion of the startup’s team, and the creation of its new facility follows “a successful $125 million Series C funding round led by Prime Movers Lab,” the article says. 

In December 2021 Vegconomist reported similar news about AlgiKnit (SOSV RebelBio 05) in “Kelp yarn to be produced at scale as AlgiKnit opens North Carolina hub.” Both articles indicate these startups’ proprietary, scalable, and sustainable manufacturing processes are capturing the attention of major fashion brands. 

AlgiKnit co-founders share sustainability advice and vision

The WWD interview “Green People: How Sustainable Material Entrepreneurs Move Differently” features Tessa Callaghan, Aleks Gosiewski, and Aaron Nesser, the co-founders of the sustainable materials startup AlgiKnit (SOSV RebelBio 05). The article reports, after four years of developing their kelp-based yarn in Brooklyn, the company has moved operations “to a new innovation hub in North Carolina.” 

The co-founders share their sustainability advice and vision in this Q&A As to why fashion is finally paying more attention to bio-materials, Callaghan says, “Sustainability is no longer a luxury, it is a requirement, and we can see this shift in understanding and direct action taking a foothold within the industry. As a uniquely sustainable and accessible material, AlgiKnit provides novel solutions for one of the world’s largest polluters, allowing them to both meet their climate commitments and continue to deliver the products their customers so loyally rely upon.”

A look inside the MycoWorks lab that grows alt leather

The video publication Freethink produced “Inside the lab growing leather from mushrooms” to explain the trouble with relying on cows for leather products and explore the new and emerging market for earth-friendly, leather-like materials made from mycelium—the thread-like fungal roots that grow underneath mushrooms. Featuring the Fine Mycelium product made by MycoWorks (SOSV IBSF03 2016), the video shows how “the fungus leather shares common traits with animal leather: durability, strength, aesthetics, and feel” but far exceeds it in sustainability and versatility. 

On whether Fine Mycelium will eventually replace leather, MycoWorks CEO Matthew Scullin says, “I don’t think leather is going away, and I don’t think plastic is going away. I think that, eventually, those materials are going to run into even bigger constraints, even bigger walls, than they are today. Material like Fine Mycelium is going to be able to pick up that slack.”

Starting with Hèrmes, MycoWorks plans big impact on fashion

The Guardian’s “Californian firm touts ‘mushroom leather’ as sustainability gamechanger” explores how the alt-leather material Fine Mycelium, created by MycoWorks (IBSF03 2016), made its debut in an exclusive Hermès handbag and what the implications are for the fashion industry. Grown in trays from fungi engineered to look and feel like calfskin or sheepskin, Fine Mycelium outperforms leather in strength, durability, and sustainability. 

About his strategy to make “significant impact on fashion’s footprint,” MycoWorks CEO Dr. Matt Scullin says, “We are working with luxury fashion first because they are ahead of the curve when it comes to sustainability. These are brands which are in a position to think big and to think long term.”

Novoloop among stand-out startups seeking solutions for plastic problems

An ABC News video “Climate Crisis: Saving Tomorrow” on the recycling challenges of single-use plastics features Miranda Wang, the co-founder and CEO of Novoloop (RebelBio02). Novoloop turns packaging waste—polyethylene—into high-performance materials used in shoes, cars, homes, and more. In the video, Wang explains how their chemical process transforms post-consumer recycled content into early friendly ingredients for manufacturing while reducing up to 45% carbon emissions. Watch the video.

SOSV ranks SOSV #1 investor in climate tech since 2018

Pitchbook released their inaugural report on Climate Tech for Q3 2021, where SOSV was ranked the most active VC in climate tech by deal count for the period from January 2018 to the end of September 2021.

This came notably from our startup development programs in Hard Tech (HAX) and Biology (IndieBio), which backed dozens of startups notably in the field of alternative proteinbiomaterials and industrial technologies — three of the largest contributors to the emissions of greenhouse gases.

As a reminder that VC in general and Climate Tech in particular are a team sport, we are glad to count many of the other firms ranked as co-investors in our top startups (more details here).

Prelude Ventures and Khosla Ventures also shared insights about their investment approaches during the recent SOSV Climate Tech Summit (summary and videos).

Link to the original Medium post by Ben Joffe

Climate tech VCs explain how to go from zero to funded

Climate tech has its own specialized collection of zero-stage programs that are aimed at helping startup founders get their businesses off the ground. At the SOSV Climate Tech Summit, David Rowan, founder of and author of Non-Bullsh*t Innovation interviewed four investors who know how to get climate tech startups started: Audun Abelsnes, Managing Director, Techstars Energy; Nina Heir, CEO, Katapult; Dr. Emily Reichert, CEO, Greentown Labs; and Po Bronson, General Partner, SOSV and managing partner for IndieBio. During the discussion, they revealed what they’re looking for in a startup—impact, ability to scale, and traction—and what qualities they look for in founders that bring a higher likelihood of long-term success. A few examples? Empathy, teachability, and the ability to go fast in line with venture capital expectations. Check out the video for more details.

Upside Food’s Uma Valeti: Alternative proteins take the Main Stage

Back in 2015 when cardiologist Dr. Uma Valeti came to the SOSV IndieBio program (IBSF02 2015), he knew there must be a better way to eat chicken than killing one. He started Upside Foods (formerly known as Memphis Meats) to address the challenges of animal cruelty and climate change by bio-manufacturing cultured proteins. SOSV asked Dr. Valeti to join the Main Stage at the SOSV Climate Tech Summit and talk about Upside Food’s mission, the next steps in commercializing cultured protein, and advice he would provide to climate tech founders today. Larissa Zimberoff, author of Technically Food: Inside Silicon Valley’s Mission to Change What We Eat, conducts the interview.

Bio-textile firm Bucha Bio lands new funding

Image courtesy of Bucha Bio.

In its story “Bio-textile firm Bucha Bio lands new funding,” Bio Market Insights reports that the New York-based SOSV IndieBio startup Bucha Bio (IBNY02 2021) has raised $550,000 to accelerate production of its planet- and animal-friendly material Mirai. The creation of Mirai involves fermenting nanocellulose and blending the resulting leather-like material with natural fibers, resulting in what the group describes as “advanced performance and luxuriously soft handfeel.”

Bucha Bio’s mission takes aim at the high-polluting leather industry which produces over 4 million tons of solid waste per year. With this funding from New Climate Ventures, Beni Venture Capital, Lifely VC, QKZ Design, and MicroVentures, Bucha Bio plans to introduce Mirai to companies across the fashion industry as “an ethical alternative to animal leather products including epoxy, vinyl, and latex.”

UPSIDE Foods prepares to scale cell-based meat production for the world to see (and eat)

This recent article in The Economist “Meat no longer requires animal slaughter” explores the burgeoning cultured meat industry with a focus on UPSIDE Foods (SOSV IBSF02) and its founder and CEO Dr. Uma Valeti. 

The article tracks the emergence of  lab-cultured  proteins, like chicken, as a response to the moral issue of animal slaughter as well as the dire impact of animal husbandry on greenhouse gas emissions. The Economist wonders if firms like Upside Foods can attract consumers, and points out that Upside is shifting its focus from science to trust-building and education, starting with giant windows at its new facility in California’s East Bay through which the public can view production of lab-grown protein.

Excerpts from the article: 

“Today Upside Foods and its backers hope that lab-grown meat will not shield the revolution, but be the revolution—and in a much more appealing way. The company has broken ground on a new production facility in California’s East Bay. It is not alone. Nearly 100 firms are vying to be the first to bring cultured meat to market. Select locations—including a private club in Singapore and a test kitchen in Tel Aviv—serve it from time to time. But as yet it remains unavailable to the average diner.

“It is not hard to see why investors are excited. Demand for meat and fish is soaring, particularly among the rapidly growing middle classes in parts of the developing world. Making that meat the old-fashioned way uses a lot of land and produces giga-tonnes of greenhouse gas. Much of the fish people want is not caught sustainably, and some comes from endangered or threatened species. Plant-based substitutes can meet some of the increased demand, but currently they only really compete with processed products such as those based on mince. Growing meat directly from animal cells offers a way of squaring the circle, while also satisfying the moral demands of consumers uneasy about factory farming and animal slaughter. But it is a hugely ambitious undertaking.”

New Wave Foods’ shrimpless shrimp ready for prime time

Forbes’ article “Can Shrimpless Shrimp Catch Mainstream Consumers?” outlines the product development and funding story of SOSV IndieBio alum New Wave Foods, one of the first vegan seafood suppliers attempting the difficult-to-produce snap and flavor of shellfish. The article reports New Wave’s commitment to plant-based shrimp has held steady as the alternative seafood market has gone from “barely selling” to earning $500 million in funding.

With the help of $18 million in series A funding from America’s largest meatpacker, Tyson Foods, the startup’s first commercial-ready plant-based shrimp is being distributed to restaurants across the country. Watch this video interview with New Wave Foods CEO Mary McGovern, filmed while a chef prepared a dish using their product.

Huue founders on Inc. list of most inspiring women of 2021

The business magazine Inc. just named Huue (IndieBio) founders Tammy Hsu and Michelle Zhu to its Female Founders 100. Inc. recognized the two founders for their development of planet-friendly microbe-based dyes that are scalable for denim manufacturing. The editors did a great interview with the Oakland-based duo about the global need for Huue’s technology and why they feel confident in the firm’s ability to scale. Here are a couple of the best moments:

“The fashion industry is aware of its challenges—its troubled supply chain and the toxic nature of the dyeing process. It hasn’t been difficult to get people really excited about the technology and potential.” —Michelle Zhu

“We’ve made a lot of progress to scale up our production with a couple of facilities around the U.S. and to make our microbes more efficient. In August, we were producing 80 times more dye than at the end of last year.” —Tammy Hsu

IndieBio’s New Age Meats raises $25 million series A

To stand out in the increasingly crowded cultured-meat market, Berkeley-based New Age Meats, an IndieBio alum, aims to provide “the best of both worlds: the sensory experience and irreplaceable flavor of meat that’s safer and more sustainable than conventionally-grown meat.” That message helped the company raise a $25 million series A, according to a story published in TechCrunch today.

TechCrunch reported that Hanwha led the round and was joined by SOSV’s IndieBio, TechU Ventures, ff VC, and Siddhi Capital. CEO Brian Spears told TechCrunch that the company can now “go after our mission to become the largest and most innovative meat company on Earth,” and plans produce the company’s first product, pork sausage, next year.

Nyoka Design Labs helps engineer the world’s first bioluminescent gaming PC

In this video from from PCGamesN, “World’s first bioluminescent gaming PC is impractically beautiful,” Linus Tech Tips and SOSV IndieBio startup Nyoka Design Labs collaborated on a project to make a gaming PC glow while it cools. Nyoka is a startup that aims to use bioluminescence as a cleantech alternative to the air-polluting fluid contained in glow sticks. The PC cooling project was a fun side challenge. But don’t try this complicated build at home, kids. As explained in the video, “the fluid’s micro-particles could also damage your CPU block. So, while bioluminescent PC lighting is mesmerising, it’s unlikely to replace your usual coolant.”

Inside Hermès, where MycoWorks mycelium leather will soon join the product line

Vanity Fair recently published a photo essay, “Inside the Hermès Workshop That Makes Its Iconic Bags,” that discusses the iconic designer’s plans to use IndieBio alum’s MycoWorks‘ “Fine Mycelium,” in an upcoming line of products. From Alexis Cheung’s piece:

“Despite this staunch adherence to tradition, Hermès will introduce a decidedly modern material this fall: mycelium leather. Developed in collaboration with the San Francisco-based biotech company MycoWorks, this “Fine Mycelium,” coined Sylvania by its creators, derives not from cattle but from mushrooms. Fournier insists that its quality and durability meet the same high standards of traditional leathers and that the material continues Hermès’s long legacy of innovation—it was, after all, Thierry’s grandson Émile-Maurice Hermès who introduced the zipper to handbags in 1922.

“We strongly believe that we should not oppose new technology with what we do with the hands and tradition,” says Fournier. “Both are compatible.” Plus, he adds, “It’s a fantastic opportunity for creation, to play with new materials.” (For now, this particular play is reserved for the Victoria handbag from the autumn/winter 2021 collection, constructed at a workshop of its own.)”

SOSV Climate Tech 100 Startups value grows by 44% in 5 months

On Earth Day, April 22, 2021, SOSV published its SOSV Climate Tech 100 list, a collection of the top climate tech companies in our portfolio. The list was notable because the companies up to that point had raised $1.85 billion from investors (including $89 million from SOSV), and had a market cap in aggregate of $5.65 billion.

Techcrunch reported on those numbers and commented that SOSV’s “planetary health’ mission was “paying off.” We subsequently published detailed analyses of the list’s founders and investors, and we announced an Oct. 20–21 event called the SOSV Climate Tech Summit, aimed at helping the climate ecosystem move faster.

Now it’s nearly five months later, and the Climate Tech 100 list financials are due for an update. Thanks to the strength of the companies on the list as well as a powerful surge in climate tech venture investing, the financials for the 100 have taken a big step forward.

  • The SOSV Climate Tech 100 aggregate value has jumped from $5.7 billion to over $8.1 billion, an increase of 44%.
  • Total investment in the 100 increased $508 million to reach $2.36 billion, an increase of nearly 28%.
  • SOSV topped off its investments with $13.8M to reach $103 million, an increase of 15.5%.

Join IndieBio at the SOSV Climate Tech Summit

IndieBio will be a big part of the SOSV Climate Tech Summit on Oct. 20-21. The event is virtual and free. The summit’s purpose is to convene the founders, investors, technologists, corporates, media and anyone else keen to understand and accelerate the climate tech startup ecosystem. Read more about the event here. Register here.

Several IndieBio folks are a part in the programming, including Po Bronson, Arvind Gupta, Pae Wu and Gwen Cheni, and so are IndieBio alums like Dr. Uma Valeti, CEO and founder of UPSIDEFoods. There are also many speakers on the main stage, the majority in fact, who are not from SOSV and represent some the best minds at work across startup climate tech. You can see all the speakers announced so far here.

In order to help both founders and investors, one very special feature of the summit is a series of 18 breakout sessions dedicated to early stage investors, incubators and government agencies that have a strong track record working with pre-seed and seed climate tech startups. They range from SOSV’s IndieBio and HAX, to TechStars, The Engine, DVCV, MassChallenge, the NSF and ARPA-e, Greentown Labs, Energy Impact Partners, and more. Look for the full list to be published soon. The sessions will be led by senior partners at those outfits and focus on what they have to offer climate tech founders. The breakouts will be staged one after another so that founders can easily catch them all. The sessions will also be live with plenty of time for audience questions.

Finally, the summit will offer an Expo that features some of the top climate tech companies from all the programs that are offering breakout sessions. SOSV is offering Expo spots to all the companies that are part of the SOSV Climate Tech 100.

The SOSV team is working hard to produce a great event that really benefits everyone in the climate ecosystem who is working hard on breakthroughs that will help address climate change. Please join us at the event. It’s free and virtual. Register here.

UPSIDE Foods founder and CEO Dr. Uma Valeti to speak at SOSV Climate Tech Summit

We are delighted to announce that a pioneer in cultivated meat, Dr. Uma Valeti, founder and CEO of UPSIDE Foods, will be speaking at the SOSV Climate Tech Summit on October 20-21. UPSIDE (formerly known as Memphis Meats) produced the world’s first cultured beef meatball in 2016 and the first cultured chicken and duck in 2017.

From a climate tech perspective, the hope is that the cultivated proteins that UPSIDE has developed will eventually help reduce live animal production and slaughter, which are a major contributor to climate change. Read more…

This could be the milkiest vegan ice cream ever

“Perfect Day’s research found that its process generates 85 to 97 percent fewer greenhouse gas emissions than conventional dairy production. It also doesn’t use any of the hormones or antibiotics (or, for that matter, land) needed to keep that immense livestock machine running. You won’t find any lactose or cholesterol, either.”

Gwen Cheni’s IndieBio Podcast: Pablo Zamora, PhD. Co-Founder of NotCo

Gwen speaks with Pablo Zamora, Co-Founder and original CSO of NotCo. From their website: “When we discovered removing animals from food production would protect the planet, the solution was simple: create an algorithm – that we named Giuseppe – who could learn infinite combinations of plants to replicate animal products, make them sustainable and taste even better. Now, for the sake of the planet, let’s reinvent the food industry — one delicious mouthful at a time.”

Podcast Episode: How to CSO a Unicorn


Pablo: At the initial moments of a startup, you have so a limited budget that you can not make mistakes. And if you made mistake, you need to [make that mistake] cheap and fast. 

Gwen: Hi everyone. On today’s podcast, we have Pablo Zamora, who was the co-founder original CSO of NotCo. Everyone’s probably heard of NotCo by now. It is has saturated the Chilean market, and now in the US market and can be found at a Whole Foods near you. So Pablo, welcome to the IndieBio podcast.

Pablo: Thank you Gwen for the introduction. 

Gwen: So Pablo, I have to tell a joke to everyone to start the podcast. So I was actually on a on a radio show with Pablo. And you know the letter Y is pronounced like a J in Spanish. So Pablo goes, “Oh Gwen got her start in jail.” And so I was thinking, “I’ve never been to jail!” Where is this coming from? So I went to Yale university. So Yale is pronounced like Jail in Spanish. It took me a second, but I very quickly said “no, no, I’ve never been to jail.” So that’s the little bit of Spanish lesson for everyone here. So Pablo, with that start, tell us about yourself. How did you get started with NotCo? How did you get that idea?

Pablo: So I started with NotCo six years ago. I think because the food industry was really static, and real innovation wasn’t there, at least in Latin America. When we started the company, the three founders, we met in the US. I was in California at UC Davis. My co-founder was at Berkeley taking some courses, and another one he was at Harvard. So we connect to each other in the US, and then suddenly we realized that innovation was required in a space where everybody can be a user, right? It could be tangible for everyone. And food industry was the first reaction that we get to, how we improve technology in a space that is kind of [backward] in that time, we were talking about 2015, 2014 we started a company and we decide to move it, three of us to Chile to start it here. Chile make a lot of sense for us because we were Chilean. So if we succeed or we fail, nothing happens because we get some kind of reputation over here. And at the same time, I think that we identify that new tools that they were available for other industries like biotech, biopharmaceutical or medicine weren’t there for the food industry.

So that’s how we ended up bringing to profile of deep science: I’m a biochemist, plant biochemist and with a lot of expertise in genomics, my co-founder Karim [Pichara], he was expert in machine learning for astronomy, um, use of data sets and creating algorithms for that kind of application.

So we bring together – and I always say that when we met Karim and we tried to pull together these two angles of food – it was a train 200 miles per hour, because we try to bring up a solution when the data was not there, we create some experimental data and then we use the optics of astronomy to resemble food. And that was pretty amazing at the beginning.

Originally reason, for me at least, on my end was a pure academic exercise. And then we find out with the help ofMatias [Muchnick] that we can really build a business around it. 

Gwen:  So it sounds like the three co-founders were actually bicoastal. How did you find each other?

Pablo: I think it was funny, you know, because I was living in the US for, I dunno, nine years. And Karim, he was doing his postdoc at Harvard. He [was there for] a year and a half. But Matias had traveled to get some entrepreneurship courses in Berkeley, Stanford, these small programs, and then he moved to the east coast and he find out my name because the Chilean diaspora is kind of a small, and there were not too many Chileans working there and doing great stuff. And I was, at that time, getting a very senior position at Mars Incorporated doing pretty awesome and deep science project with plants and Matias wanted to contact someone with expertise in plant biotechnology mainly.  I think that he didn’t understand very well what was the type of expertise that he was looking for, but I was a Chilean, sitting there, leading a lab. So he contacted me and then he moved to Harvard, because a friend of his was an alumni, friend of Karim.  And of course Chileans, we love our country, we always communicate with our peers outside of Chile. So he was, I think contacting Chileans that came highly recommended. So he ended up contacting me and contacting Karim on the East Coast. 

Gwen: Got it. So I do know that hiring – both after the initial IndieBio stage or even during IndieBio – hiring is such an important role for both founders and VCs. So always I’m always asking for tips. How did you bridge that? And Pablo is super humble: NotCo, with their $235 million recent raise just became IndieBio’s first unicorn. Congratulations! 

Pablo: The decision of investing in it. 

Gwen: I always feel like it’s the team, right? There was a meme on Twitter recently of the real athletes and then the spectators that are watching it on TV or in the stands. But I really feel that as investors, that’s all we are is that we’re cheering you on. We’re helping you. We’re buying your schwag, but you know, we’re not the ones in the arena fighting.

Pablo: Yeah, but I think that particularly in the case of IndieBio, right? Because you, for example, you help with fundraising, but at the same time you have access to facilities. The iteration that happened internally really triggers a lot of progress, not just pure business side, but also the experimental one, and the experimental one with the interaction that you have with the mentors and everybody around the ecosystem have with IndieBio. We spend time in SF – New York didn’t exist at the time – I think it’s very fast how every iteration happened between the experimental and the business, because you are developing business skills all the time. In the case of our our CEO, Mathias is very smart and he learned pretty fast. But at the same time, you have a layer of experimental skills that you are improving and you are interacting with the business, in the day-by-day, very concentrated. Because when we were in Chile, of course, the team was in Chile, there is a lot of business to attend, including, how you hire people, how you build a business, how you build a lab, how you manufacture, how you contract services. So, I will say that the momentum of IndieBio is something that of course it’s very good for founders because you’re aligned with the founders. You need to be, really, at the end of the program. But at the same time, I think it gives some kind of peace for people that are sitting there, just thinking on executing what was proposed on the regional plan. And I think that that is very valuable because I for instance, I spent a lot of time with Matias in Japan, getting selected by endeavor. And I think at that week in Japan, just two of us working together helped me understand better my co-founder. And I think that is exactly what happened at IndieBio:when you spend more time with your co-founders and you try to map out how they think, how they take decisions, you know friends you could be, or how colleagues you could be. 

Gwen: Yeah, I think that is the differentiation between IndieBio and regular investors, whether it’s an angel investor or a seed fund. We really are free employees for six months for you. For some of our companies that just went through the batch, I literally sat in every large sales meeting with them and for them, because when you’re selling B2B, you might only have a dozen possible clients. And so you can’t burn any of those meetings. So I made sure to attend all of them. Because if you miss one of those opportunities, It’s jeopardizing the survival of your company. So totally agree with you on that. Thanks for pointing that out. We don’t see a lot of founders that really appreciate what we do, but you’re definitely very grateful for the people that help you. And maybe that’s why you guys are so successful, right? Is that people want to continue helping you guys.

Pablo: Even more! I remember that after we raised series A and B, and we needed to be back in the U S with the long run of growing in Chile and expanding to Brazil and Argentina. I remember the time that I went there, 2019 and the first door that I knocked on was IndieBio SF, because we needed to find space for working. And you said you were alumni like two, three years ago, but this is your space, you use it. And when you’re ready, you move on. So through IndieBio, we ended up in another place in San Francisco where everything is happening with big companies. But the first door we knocked on was IndieBio because we were involved in the past and that kind of continuity, it’s good because you have a partner overseas, in a case like our company based in Latin America.

Gwen: Yeah, that’s definitely been true: we’ve never kick out any of our alum companies. You essentially have free coworking spaces, in both San Francisco and New York now, which has a benefit. You have West Coast and East Coast. So let’s talk about the operating side of NotCo because you guys grew very quickly in Chile. How did you do that? And how did you pick Chile?

Pablo: I think for many reasons. First of all, I think that Chile is small enough as a country and it’s very organized in terms of retail. So if you are in the three main retailers, you concentrate like 80% of the market. And we have some retail that is very well organized and very innovative. So we have one specific brand called Jumbo, they are looking for brilliant products overall. So we have a small market, small enough to make a proof of concept, and at the same time, I will say smart retail for bringing in new concepts. And we aligned perfectly with them because we were the new kids on the block, with an aisle that was very depressed. The first product we launched was NotMayo, because people change their decision on the price point, based on how cheap was the competitor. So you didn’t have any attachment to the brand. So when we created the first product, I think that we make a lot of noise, because [we were] equal price from the competitors, and we were doing in-store tasting, and saying to people that [NotMayo] was exactly the same, but with no cholesterol, not saying that it was a better product, or anything like that. Very smart way of communicating this. So, I think that we broke some kind of cultural boundary of consumers saying that plant-based product was for vegan. And we never communicate that we were a vegan company, because vegan for a big retailer, you will be a niche product on their organic aisle. And we ended up working on the same aisle with the regular mayo, and nobody noticed because [our] competitors were based in Europe and another one with the R-and-D center in Brazil. So I think that we grew in market share, without the competitor [knowing] that we could be a good and strong player. So I think that combined many things: an organize market, a very good retailer mindset, an aisle that was very depressed, and in-store tasting, I think that was key because if you just leave your product there and [go] home, nobody will shift their decision based on a label. You need to test and interact. We, myself and my co-founders, we went to the supermarket and gave samples to them. And I think that makes some dynamic internally inside the supermarket, with how people interact with the product. And that was pure marketing, and Matias is brilliant there. Yeah, that’s how we grew and people started adopting without being vegan. So they go for X and they go for NotMayo. And that was perfect because we, in some way democratize how the plant-based food was perceived in the market. And we were very focused, I would say, in one supermarket, and with that case of success, we went to the second one and the third one, and negotiated better terms, and eventually grew nationally. But [Chile is] still one-third of California in population. So I think it was good for creating this narrative of the company. And with that enhanced experience, we are opening in more aggressive markets like Brazil and Argentina.

With regards to regulations and how we develop the product, if we want to develop the product internally and then ship it to other countries, or start operations in other countries. So that exercise of perceiving ourselves on a growing process, I would think that Chile helped us to [nail] down [a process]. If we make mistakes, it’s still a small market. If something happened in the aisle, we drove there and see what happened. And that was very cool. I think it, for me at least, made a lot of sense because I was in charge originally in the company of creating the science platform. And you have great universities, excellent, these student, a lot of PostDocs everywhere from Chile, from overseas that can flow back, and be back in the country. So the kind of people, the highly skilled people recruited for the company was already in the country. So that makes everything happen pretty fast. 

Gwen: So I just got a request to do a go-to-market and distribution session for the next batch. And I think I’m going to use what you just said. I think you summarized it really well. The number one thing it sounds like from what you said is, find a partner that has an unmet need, right? So if you’re knocking on doors, you want to knock on the easiest door. Somebody that is looking for the solution that you can deliver. And number two, is after you found the partner, the product that you picked is one with very little loyalty, right? And so that’s another easy product. So you want to find the easiest product there as well. And then I think number three that you mentioned, after you’ve done these two, you can’t just sit back and let the market do its work. You actually have to put in the sweat and maybe blood and tears to actually do the one-on-one product introduction to get the customers up the learning curve of what is this new product, have them try it. And then I guess the fourth thing, if possible, you’re hoping that the [distributor] that you’ve partnered with has enough market share such that if it works, you get enough growth right away. But I think of the four items that you mentioned, the fourth one is a nice to have, but not a must have, 

Pablo: Yeah, very good you explained it better than me. So number five, I will say – it was critical and not intentional – is the mainstream products, their R-and-D operations to challenge us wasn’t in the country. So we grew 1 point of market share to 2, 3, 4, 10, 12, 15, and the people [finally] noticed. What is happening in Chile, why we are losing market share why wouldn’t, why we don’t release our own plant-base? 

And when they went to launch their plant-based product, we were already on the top of the mind of every customer. So we created a brand very powerful, so people give loyalty to us. When they reacted, that was too late for them. When they released their plant-based product, we’ve already captured the people that want to jump into the plant-based. So we didn’t, I would say, lose market share because there were other plant-based from the current mainstream brands releasing product. And that was pretty awesome, because people start defending us, to say, this is what NotCo does, so why you are buying this other brand, if this concept belongs to NotCo. And that was great. And you can see it on the supermarket because I was, you know, as a customer seeing, looking at the aisle with the natural products for 20, 25 minutes and people make choices. And they choose this cool brand from this, how the people define us in the YouTube comment, overeducated hippies, right? That they were creating this concept of plant-based products. 

Gwen: I think that’s a really key point. I’ve actually heard the same thing, uh, from, uh, companies in Mexico, that if the product is made by an international manufacturer outside of the country, they’re not as quick to react, because they don’t have as many boots on the ground and this actually highlights the importance the numerous number of hours spent in the grocery stores, right? Your large international, global competitors didn’t do that. So they didn’t have boots on the ground. They weren’t able to react quickly and they, frankly, maybe you just didn’t care as much. I’m so glad to hear. You’re reiterating a lot of our points that we’ve been teaching our founders. 

On that part, I guess it’s always easier to raise when you’ve seen a lot of success, but any tips on fundraising.

Pablo: Yes, I’m helping right now because I’m not part of NotCo management team anymore. So I’m helping companies because I’m in Chile and my co-founders they’re in the U S growing this beautiful business. So I’m helping a lot of startups right now with fundraising. 

I think the lessons that we get from NotCo to exercise the strategy of fundraising, I think that the main lessons for me is, of course, not get easy money. First, people at the beginning, I remember giving a conference for a bank in Ecuador, and a millionaire in a private jet came in and said, I want to have 40% of your company. You will have $20 million dollars. And he had no clue on on CPG products, he had no clue about the technology. He had no clue, nothing. And that was the easy part, right? Getting the funding for an attractive idea, in some way, could be very easy. But you need to pick, very well, your investors. And the main strategy that I used, maybe my co-founder thinks differently, but people that are aligned with your purpose: it’s very important, right? People that are not just can understand your business, but aligned with what you want to change. My goal behind startups, and NotCo is one of them, but I co-founder other too, is to change culture in stuff that I believe that are not correct in society. So that notion need to be shared with your investors: they need to be aligned with the goals of your intervention in society in some way, right? This is very important because they will create empathy with you and they will try to fight with the same passion for that change of culture that you are pushing from your end. This the first one. 

And second one, they need to be hands on, your venture [investors] need to be hands-on. I remember that the first investor that we got was Kaszek, the largest venture fund in Latin America. And they were awesome. Not just because they helped us educate ourselves as a management team of a startup, but also they will really helpful in creating and open their own network to hire people, management, positions. If we travel to Buenos Aires for a meeting, we used their office. And we always were very welcomed by their team if we want to talk some strategies. So one dimension is the board of director role that they play, we were looking for people that can really support the operation in many dimensions. And I think VC was key in that role. And also we, we bring other people, right? The Craftory is a brand focused VC. And they were great as well. And keep moving with the rest of the investor. But I think that combination of aligned with your purpose and your goal and your vision is critical, and also that they have the perception that they need to be a partner with you, and they need to help you to grow, not just every month kicking your butt with question and creating new new strategies. 

Sometimes the projection of the company doesn’t accomplish what we promise. It’s normal. And having someone there sitting with you that you can call in the middle of the week without being in a board meeting saying, “man, I’m in trouble. You need to help me make a decision here.” That kind of a partnership role. I think it was critical, for not just to accomplish the economy part of the company, but also to create a culture internally, to create a kind of a way of seeing the business that can really help you to put in their current role as some responsibility of the success of the company. And that was great because if we want to open in Argentina, there will be a venture helping us to do that. If we move to Brazil, we have another connection to do that. So including office space, that is very simple, but imagine being a small company, open a new business in a country that you have no clue, and you don’t speak the same language. So that part of the growing, is with the venture. And I think we made great choices. 

Gwen: Yup. I totally underline everything that you’ve said. I always advise founders, “don’t think of it just as money, but as a co-builder with you.” And so it’s really easy to be on the board and demand everything. Much harder to sit side by side with the founder and say, “okay, how do we solve this together? Here are all the intros I’ll make for you. Here are the things I’m going to do to help you,” instead of just saying “you do this.” I totally a hundred percent agree with you. And sometimes I think investors underestimate the power of the intros: if you’ve been in the venture business for 20 years, you have contacts to make a huge difference in a company. And for anyone listening, who’s not from LATAM, Argentinian Spanish is very different from Chilean Spanish. When Pablo says two different language, that that’s what he meant. 

Pablo, Matias sort of scouted you out from the stories that I’ve heard. How did you know this is something that [would work]? The business founders have an idea. They have a grand vision, a CSO is such a key hire. How do you find the right one? And the same, the reverse is true, right? If you’re a scientist, oftentimes a lot of scientists don’t recognize the importance of the business side, especially on the pharma side. How do you find a good business executive that will get your product to market? I see a lot of failures on this part. 

Pablo: Very, very hard. I think it’s very hard because normally most of the venture doesn’t help to recruit good scientists because sometimes some investors [don’t see the science]. And I’m seeing this after my fundraising with NotCo. They see science like an excuse of building a brand. They don’t see a science has a deep part of the soul of a technological company. They love to mention that science is important, but they don’t want to invest because it’s too expensive and it’s too risky. I’m a scientist like you, I recognize that you are also a business woman. I think that we as scientists have some very important problems with ego, and it’s a hard to recognize that we need to build some people on the table to do what we don’t know how to do. And I will make the question on both sides when you are on the  business [side], and you try to convince the scientists, it will be always hard because the scientists will check your resume.

And your resume probably say nothing about what really you are in the business side. So this has happened to me with Matias. When the first time I met Mathias, he said, “Yeah, this is a idea with red hair, and I don’t have too many with red hair in my network, so he could be interesting, but I will contact my one of my PhD students and work with you in what we are planning, but I don’t have the time. And at that time, I was associate director of an innovation center with a forty-five scientists with a huge salary, with many labs. So I was very good in my position, working for UC (University of California) system. So building a new company was not something that I was looking for, because I got everything that I wanted at the time. And I was 35 or 34. Now my career was very crazy. So I was sitting in my lab in floor number 12 in a business district with a lot of brilliant scientists all over the world, and I was having this idea with Mathias and Karim to start something tangible in Chile. So my first reaction was, “yes, we can do this, but I will spend none of my time, I will spend zero time on this until we see if works or not.” So I contact someone in the university, “why you don’t help me to solve these couple of questions and see if that works, I will jump in and I will take the lead on this. And that was exactly what I did. 

And also Mathias remind me that at first, when we went back to Chile, he was calling me and [when I pick up the phone and see the name] Matias, “ah no, I don’t want to talk to this guy” because I was very busy. And I had in my hands a $35 million grant and needed to make too many things. So getting the attention of a scientist is not easy. So at the end, what happened is what we were proposing worked experimentally and they say, well, if this is work, this could be a game changer. So I decided to jump in and dedicate my time and put all my energy and my quality behind it.

This is my experience. And I have been approached by many business people across time. And that was the very first time that I talked to them deeply, to try to understand what they’re looking for. But of course, I was in my personal life. I was a scientist in a university, then I moved into the patents, knowledge and writing patents, then I moved to the private sector. I was leading an Institute of Advanced Research in a company. So my mindset was easy to jump into a startup because I was doing research for four years in the private sector. But if you want to convince someone in a university, [that’s] even harder, because their life is already solved, because they have their tenure track, they receive grants every year, they do whatever they want, they have two months of vacation. So dealing with that part of the scientist, I wouldn’t say is even harder, because maybe they know the science, but they are not familiar with the business. They don’t know how to execute the correct science for delivery, and not go too deep on the science to make papers, realizing what the company requires from you. So I will say that my recommendation for hiring CSOs is like always go to people on middle position in companies, on a startup, people that can really achieve in their minds about how to apply to business, not just apply like at a university, because someone else will take the post, and someone else will make it work. You need someone that has experience of delivering on very very tight budgets, with the right specific experiments that will allow you to move into the next level. And that experience is the private sector. There’s no way that you can have a game-changer CSO from a professor position because he will try to replicate whatever he does in the university, that is absolutely different to the one that you need to accomplish in the private sector. And of course, being a CSO, when you are a startup, you need to be the middle scientists that can learn, have experience, and can jump in into your startup with very good incentives, with stock option and bonus or something that would help him to move on from his current position. 

Gwen: How many years in the private sector do you think is enough to have learned those lessons after academia? And also, do you think private sector is sufficient or does it have to be a startup or innovation focused private sector?

Pablo: I would say the private sector will, if he is in a good position, private sector? will be enough. I think because also if you’re in a big company, not as a startup, you can bring your clients, you can bring your network, you can have access to big facilities. But sometimes when you’re a startup, you’re poor for the first 10 years. So you are kind of in a battle position, always fighting for the paying for experiments. So that going from startup to startup, sometimes you don’t have the vision of creating a business around science. So having been a scientist in a real strong consolidated company – of course maybe the person is less creative – but at least he has the view about how the system works, and eventually he will help you to create that kind of vision from your startup to the consolidated company.

So I will center timing for me at six months [to] change my mindset because … 

Gwen: I think you learn a little bit faster than … 

Pablo:  … maybe a few years, three, four years to get a good sense. What you can not do is like bring in a corporate guy that sees science has a commodity, as people in the private sector normally have that view. If you take that profile, you will make a big mistake because he will kill the startup. 

Gwen: Yeah, I think this is the reason why I just love IndieBio, is that one of our core thesis is that science is the asset here. My personal view is that the scientist is the IP, is more valuable than IP. What I’ve seen is that the scientists that wrote the patents, they can always figure out a way to get around it. So if you think that the patents are the assets, you’re wrong, it’s the scientists that are the real IP. So I totally agree with you on that part. So how long did it take for Mathias to wheel you out of your $35 million grant …

Pablo: I think a few months, three or four months. Because at the time, the company didn’t exist, was kind of a concept, but we were iterating. So Karim was doing some things, I was providing some data and helping to collect some data on the repositories, Karim was doing the first iteration, and Matias was experimenting in his kitchen.

So until we get good food, we decided to wait to create a company. When we say this is not disgusting, this tastes pretty good. Wow. This is amazing. So why wouldn’t we take a seat and create a company around it?

So it was funny because our experiments are eatable experiments. If you fail, it doesn’t matter because you eat it and if you don’t like it then move on. You’re not killing anyone, you know? It was funny because in my lab at NotCo at the time, there was no toxic compounds. So everything at the experimental site needs to be edible. So the molecular biology was in another lab, right? So easy because everybody can evaluate the successful experiments. People from marketing, people from the office, can have  an opinion  about it.

Gwen: Yeah, I am very jealous of the future-of-food companies. Their lab is their kitchen, so it sounds like fun. I think you mentioned something about recruiting a business co-founder or a CSO, but it also sounds like you also did a lot of the recruiting once you were in Chile. Any advice on how to build out a team, once you do raise your seed round or your Series A.

Pablo: I think that will depends upon how ambitious you want to be. First of all, if we bring someone from McKinsey and we were not able to pay his salary. The salary of a former McKinsey is the salary of the total team, makes no sense. So much experience at the beginning and so much reputation, sometimes it’s not good because when they perceive that the founders are not mature enough, that they will jeopardize their operation, because they will feel that they know more than the view that is implemented at that moment.

So later on, I will say that in my case, and I think it in any case, because we in some way have some sort of reputation on the science and technology side, we were the ones building our team with people that we really trust from our previous positions. So, I say this correctly because at the initial moments of a startup, you have such a limited budget that you can not make mistakes. And if you made mistake, you need it to be cheap and fast. You can not create very huge deep long-term experiment to demonstrate anything. You need to be very sharp, very efficient. And for that, I will say in my personal experience, I hired people that I most trust in my entire career. So I’d bring people from the US, I bring people from Chile. They were my peers, they were my colleagues, they were my students. And I bring them from everywhere, I [tell them] what we are building is so powerful that you will not regret on that decision. We have no much money to pay you, but you will be playing a role in a game-changer company. And why I’m saying that it’s a game-changer company, this is the data that we get. This is the kind of logic that we have behind the company. This is the technological platform that we want to build. The skillsets are required, but the mindset and the trust are equally important as the skillset.

So I will say at the beginning, only just two first employees, they were kind of agnostic on the search. The other ones they’re strategic, they are people that we trust and we give to them the role of building the platform that we want, because they are people that demonstrated in the past that they can do it in other positions, whether at a university, at a center, in another startup So I think that was a very, very, very critical: skills, trust and mindset. 

Gwen: Yeah, a hundred percent agree with what you’re saying is that the beginning stages of a startup, especially when you’re a sub 10 people, you’re very likely running on very low capital. So you’re not like a large company where, if the hire didn’t work out, you’ve wasted six months of salary. You don’t have that six months of salary. So it must be somebody that you trust. And also you don’t have the time to deal with personnel issues. I think another thing I’ve advised founders on hiring for a technical role, which is something that they probably don’t have from their own network, is that the person who’s asking you to match their current salary is likely not the right person, because they’re not giving up anything. They’re getting salary plus your stock. So don’t go for the mercenaries, go for the missionaries. 

Pablo: Right. True.

Gwen: Every guest [on the podcast] I always ask them, what topics do you want to talk about? And Pablo, despite being how smart he is, he has a big brain, but he has an even bigger heart. He said, I want to talk about how entrepreneurs founders can give back to their community. So I want to yield the rest of the time for you to talk about that.

Pablo: I think that for me, that is critical, right? If we want to move the economies, I think that startups are at the peak, the margin of the economy, important players. And for that, we need more NotCo’s, we need more, we need more.

And it’s not a matter of concentrated just for concentration, it’s being concentrated to distribute. And I think that the entrepreneurs, we get some kind of success, right? Success in the economical dimension is one type of success, but you need to have a vision that all the people need to come after you, and build that capacity, not just to move the economy, but also to create great jobs, to create knowledge as a pinnacle of moving societies. And for that, for me is critical. So right now I’m working from the municipality of my city, the city that I live. I live in the countryside and I decide to support the municipality and create an innovation department over here, and bring in the best startup that I know to, to try to create impact on the territory that I live.

I’m not saying that that is the way to go, but I think it’s good to read, to perceive that entrepreneurs have a way to go that can really have impact in many dimensions. And startup was one experience, but public policy could be a second one, helping other entrepreneurs could be a third one. Playing with people that are trying to build a business that are not technical, scientific driven companies. It’s important to give some tips. So I think that we need to have a vocation or some kind of empathy with the society and we have some entrepreneurs need to play that game as well. So what I’m doing in my day by day basis, not just sitting on boards and helping entrepreneurs, but also helping my neighborhood. I create a school for instance, for teaching kids, because I think that it’s key. Someone called me from Germany, from Netherlands, from Africa, I will find my time and I will talk to them because I think that is valuable for everyone to receive feedback that is not lessons. I spoke to a woman that is doing peptidomics, and I’m a biochemist, and I have no clue about the strategies for peptidomics for humans, but I think I have some view that can help that founder to shortcut some process that I struggled with myself in the past. So I think that we need to spend time in our life of giving back, and I have four hours a week on my calendar, blocked for anyone that want to talk to me for five or ten minutes. I am open to do it because it’s a great way to give back. And I decided to use the office of the municipality, mot because I’m an employee of the municipalities, because I have so many great people in my network that can support the municipality that in an hour I have a meeting with two startups that they want to pilot their product with this municipality. It’s very poor, I’m not sitting in New York. It’s a place that no one knows, but I think that everybody needs to [give back], it’s like going to military school for people from Israel, right? You hit [it big], you need to go there and you need to spend your time sharing your knowledge. And I think on my end is the only way to really move the engine in our space because people can can say, we rely on the government on pushing these ideas, but the government had no experience in reality of creating innovation on the ground. So the only people it’s the consolidated business: they have no idea of sharing that knowledge because they are concentrating [on business]. And you have this more democratic access to knowledge and capital that is entrepreneurship. And also we need to support each other.

One of my goals with the companies that I’m [advising] right now, not related to food of course, because I am pretty respectful of NotCo, but it’s how we hire service of another startup, how we create business with them. If you need to go and screen for your diagnostic, you don’t need to go to the private consolidated Roche. You can go to a business that is equal to you and needs your support. So creating network it’s important. And helping each other is very, very critical for me. This is the way to make this ecosystem more dynamic. And also I am playing, I would say, an important role of building companies, right?

And that’s why I’m sitting in accelerators and company building programs, to help scientists, to change their mind and find co-founders, like exactly what we have been talking, and develop a business around their skills. Last year we create 12 companies that come in directly from universities, and we train scientists, we forced them to learn about business, look for co-founders, help them to create a business, talking with the university changing policies just to create a new company. And that was very successful. And now I’m starting a second process of that: it’s called APTA builder. And we plan to have another 12 companies, scientific based companies that are driven by a lot of fundamental research paid by all the citizens, because these are professors at universities. So I think that we need to, we need to play that role. Absolutely.

Gwen: I love what you said, and I wish there were more Pablo’s or everyone’s a Pablo. There are two quotes that I really like. One is, “service is the rent you paid to live on this earth.” And the second is “to whom much is given, much is expected.” And I think a lot of people, look at that quotation and think that much has given just means you were born rich. No, I think we’re all given so much. The fact that we have intelligence. The fact that we have drive and the fact that we have a willingness to make change, these are all gifts, right? And so it’s up to us to channel these gifts to make a difference. And I totally agree with you that if you want to make a difference in this world, startups actually might be the way to do it instead of waiting for bigger changes, you may be just have to start.

So last question is, what are three people you want to see me interview next?

Pablo:  I think that the three founders that really inspired me, one of them, the first one, we did a mentoring session. But at the end, I learned way more than that. What I teach, I think, or I try to propose to her. It’s a company it’s called Nuritas. It’s a scientist, brilliant scientists with a really great optic about pharmacology and human physiology. Overall. It’s called Nora Khalid. It’s is the first one. She’s great. She’s in the growing stage, but I would have $200 million revenue I still feel this is what I like most. She feel that still need to develop skills. They still need to learn. It’s on the learning curve. It’s a very successful business, but it still has a startup spirit. And that is great. 

The second one is a company that I know, because I’m very familiar with the technology, they are based on fertilizers, Pivot Bio.  They were raising, like I think $400 million for this round. There I worked on a technology exactly in the same one that they are leading here. That is how we can replace the use of nitrogen fertilizer to have very high impact on the environment, and how we reset the microbiome of crops of being not dependent of the nitrogen coming from the fertilizer. Microbes can do that work and fix the nitrogen from the air, like biological nitrogen fixation. And this is very deep revolutionary for agriculture. They call it the holy grail of agriculture. How we can change the way of making food, basically, on a species that they lose the ability of taking nitrogen from the air, because they don’t have the association with the right microbes. Pivot Bio is great. And the person is Karsten Temme, one of the founders, scientist brilliant as well. I have seen some of the lectures that he had done. 

And the third one is the founder of 23andme. They made an IPO like few months ago. I’m a user of 23andme from the very beginning. Speeding on that too, when they were in the first few months that they released when I was in California. And it’s still I’m impressed with what they have been doing, not just in terms of precision snips, like single nucleotide polymorphous, which is a tool for identifying stuff, but also because they train and educate the users. If you go to their webpage and you screen your data, you can look at the papers behind it, the scientists that discovered this. So it’s more than a service of providing you data. It’s a way of changing and bringing in science [to] every person that can use this platform. And that, that for me, it’s great because I think that they are doing better than universities of teaching. 

Gwen: Totally agree. One not well known fact about 23andme is that they actually store your genome for five years so that if they learn new things through GWAS studies and whatnot, they might actually re-sequence your genome or parts of your genome and tell you new things that they’ve learned.

Pablo: Exactly, and it happens very often by the way. 

Gwen: Yeah. So don’t think of it as, I just spent $2-300 dollars, they might update you in a few years with new data as well. Thank you so much, Pablo, for all the great lessons. I’m glad I’m not pointing our founders in the wrong direction. You’ve reiterated some of my advice. So I’ll definitely send this podcast to them as well. And thank you so much for your service to not just to Chile, but the probably globally, the startup world. 

Pablo: Great. Thank you Gwen. I think that was a very honest conversation. That was perfect. 

Gwen: Always. Thank you, Pablo.

This startup is creating ‘real’ dairy, without cows

Hong Kong (CNN)We’ve grown used to oat milk and soya milk — now a food-tech startup is taking alternative milk to the next level.California-based Perfect Day uses fungi to make dairy protein that is “molecularly identical” to the protein in cow’s milk, says co-founder Ryan Pandya. That means it can be used to make dairy products such as cheese and yogurt.

Built with Biology: Aja Labs and Microterra

In this podcast, hear how Marissa Cuevas at MicroTerra is solving challenges for farmers with plant-based ingredients and how Osahon Ojeaga and Mary Ellen Moore at Aja Labs are creating plant-based hair extensions that help our planet and human rights. These IndieBio startups are blazing new trails with new leadership and new vision.

Synthetic biology could help business save the planet

Just five years ago, Uma Valeti, a cardiologist, Nicholas Genovese, an oncologist, and Will Clem, a biomedical engineer, quit their jobs to start Upside Foods in Berkeley. They developed a biological process to grow synthetic meat products by taking stem cells from animals and eggs; feeding those cells nutrients, carbohydrates, minerals, fats, and vitamins; and speeding up their growth in a bioreactor. Using this technique, Upside Foods has been able to produce beef, duck, and chicken at scale. 

Protera Announces Final Close of Its $10M Series A Led by Sofinnova Partners

Protera Announces Final Close of Its $10M Series A Led by Sofinnova Partners. AI-powered startup to use funds to advance its protein platform as company moves towards commercializing its product portfolio. Mexico’s Bimbo Group and the ICL Group join financing round.

MicroTERRA: Feeding the World While Cleaning Water

MicroTERRA grows lemna with fish farmers to recycle pollution and feed the world. Lemna, also known as duck weed or water lentil, uses the nitrogen and phosphorus in the fish waste as fertilizer, preventing these nutrients from growing to toxic concentrations. It contains up to 40% protein and up to 25% pectin, an ingredient known in the food world for its great binding abilities. Using lemna, microTERRA creates nutritious, functional ingredients for the plant-based foods industry. The first microTERRA customers are the pet food producers, who require minimal processing of lemna meal to use it in pet food. They are also working with chefs to highlight their color- and taste-free ingredient in high-end plant-based foods.

See microTERRA at IndieBio New York Class Two Demo Day

We spoke with MicroTERRA Co-founder & CEO Marissa Cuevas to gain insight into her technology and motivation in building her startup.

What insight inspired you to start your company?

This idea of a circular economy, transforming residues into resources, is the key insight for me. 

I still remember one lecture when I heard that the next world crisis is going to be about water. It shocked me so much that I decided this is worth focusing my career on to solve it. 

70% of the world’s freshwater goes into agriculture. And it’s easy to create a solution to up-circuit or transform those residues into resources. If we focus on the majority, then we can make a difference. 

What is your go-to-market strategy?

I think this is an excellent question because this kind of questions and conversations will define if your business is alive or dead. 

For us, it’s about bringing a balance point between our vision and reality. On one hand, the more lemna we can produce and sell, the more water we can clean and save. So, we want markets that have high volumes. 

On the other hand, we have to go back to reality. We cannot produce very high volumes right now—so, we need to find a premium market. At the same time, we need to have the quality to sell to these premium markets. Because we are only a small startup, our products had to go through many iterations to reach that quality. 

To find where the sweet spot is, we had to do a bunch of empathy interviews to find out who our potential customers are and what they are most excited about. Then we try to create the architecture for those people, and then replicate. 

We are also conscious that our go-to-market strategy will change over the lifetime of the startup. For example, we were so sure we wanted to sell first to the premium pet food market. We thought it’s easy and doesn’t require premium quality ingredients (no one minds if there’s a bit of green coloring remaining in the lemna meal). But we have recently seen a lot of excitement from plant-based restaurants, because our new ingredient offers a playground for them to build their amazing creations. 

To be a successful startup, you have to have a very flexible mind. And you have to hear your customers; they know better. 

What’s the most rewarding part in your entrepreneurial journey?

Transforming an idea into something tangible is so fascinating, magical, and inspiring. 

When we look back at our initial plans, it’s exciting to realize how much of those plans we have executed. We are closer to being a real company; we are starting to sell products. It’s really, really exciting! Knowing that these products, this company  originated from a thought—that is fascinating.   

How do you differentiate from your competitors?

Our differentiating factor is our innovative business model.  We grow lemna in existing aquafarms, and this allows us to produce lemna in a sustainable, affordable, and scalable way. We don’t have a lot of capital expenditure, and we can add new farms very quickly. In fact, we have a waiting list of farmers who want to work with us. 

What does the future of food and agriculture look like in 5-10 years?

Food and agriculture tech must come together. In terms of food, we need to move toward sustainable solutions, not only for the planet but for our own health. In addition, we also need to make it affordable for everyone. 

In terms of agriculture tech, I believe that we are moving towards more regenerative agriculture systems. We need to look at ecosystems and how to enable their health while producing food.

Beemunity: Protecting Our Pollinators

Beemmunity protects bees from the effects of both lethal and sublethal exposure to pesticides. Their ingestible microsponge technology absorbs all pesticides and allows them to be safely expelled without harm. Beekeepers can simply add this product to their current bee feeding processes to detoxify their bees. This prevents bees from the direct toxic effects of pesticides, and also prevents the bees from becoming immunosuppressed due to constant low-level pesticide exposure. Beemmunity protection leads to healthier bees, strengthening both crop pollination and honey production.

Watch Beemmunity at IndieBio New York Class Two Demo Day

We spoke with Beemmunity Co-founder & CEO James Webb to gain insight into his technology and motivation in building his startup.

What was your inspiration for saving the bees?

I have always been interested in how insects contribute to our natural world and their importance in our food production. And I also get frustrated that the bees are dying. Although people keep on researching that, an effective solution is lacking. 

I luckily found myself in a lab which allows me to explore ideas using functional and useful biomaterials. I’m glad that I could make something happen in that space. 

How do you decide who your first customers are going to be in preparing your technology as a product?

We looked at what is the earliest stage we can put a product out there with the data supporting the functionality of the product. Right now, we are carrying out these colony scale trials and gathering data from that. And the commercial beekeepers are quite sensitive because their hives are their livelihoods. So, we are looking at the consumer market initially. 

Hopefully we can launch some consumer products this year which we are rapidly designing at the moment. And then, early next year, we hope we will gather enough data so that we can put together a good strong package for beekeepers. 

Overall, we got a lot of interest from backyard beekeepers. And we hope that the commercial beekeepers, the large scale beekeepers, can adapt in the pollination season next year; February 2022. 

How do you differentiate from your competitors?

Unlike our competitors, Beemmunity has a naturally-derived solution. Our approach is different from others who attempt to either brace the bee’s physiology for pesticide exposure, or simply deal with the inevitable impacts of exposure. 

Beemmunity directly and specifically detoxifies pesticides, thereby eradicating the issue. It means our approach is far more effective in preventing bee mortality and sublethal effects.

What does the future of your industry look like in 5-10 years?

In the future, we will successfully protect the critical pollinators from pesticides in areas like agriculture when pesticide application is absolutely necessary. 

I also hope technologies, such as this, can reveal how nature can thrive when pesticides are removed from the equation. I hope there will be a reform around pesticide application.

What’s been the most rewarding part of your entrepreneurial journey?

The most rewarding thing definitely is to bring people together and create something cooperatively. It’s amazing what we can achieve together. 

When you bring together people who don’t really know each other, you think goodness what is this going to come to. And then two months down the line, when you look back, you see that you have actually achieved quite a lot. 

Read coverage of Beemmunity’s accomplishments, including more on their technology, here.

Could This Be the Lab-Made Dinner Party of Our Future?

A slew of start-ups are engineering faux meats, eggs and dairy products that conjure a time when we move from farm-to-table to lab-to-table.

Amy Lombard for The New York Times

I spend nearly as much time talking about how I want to stop eating meat as I do eating it. I care about animals and the environment and, even more, virtue signaling about how much I care about animals and the environment. I just don’t want to make any effort or sacrifice any pleasure.

Lucky for me, a slew of venture-backed companies want to help me with my lazy altruism. They envision a world where we sit down for dinner and brag that no animals were harmed in the production of this carbon-neutral porterhouse. They want to Impossible Burger our entire diet. They want me to shift from farm-to-table to lab-to-table.

It’s beginning to work. Consumer sales of the increasingly impressive simulacra of meat, eggs and dairy products grew 24 percent from 2015 to 2020, according to the market research company NPD Group — and 89 percent of those people are, like me, not vegetarians.

Carbix: Turning CO2 into Stone

To meet the challenge of our climate crisis requires humanity to reinvent industries on a global scale. Eliminating emissions as fast as possible is critical, and it has become clear we also need to pull CO2 out of the atmosphere, as well as prevent more from collecting. As we do this a new question emerges, where do we put it? Carbix is working on a solution for long-term carbon storage while simultaneously decarbonizing cement, a notoriously hard to clean up industry. I sat down with Quincy, their CEO, to find out how.

 Enhanced Weathering is a term that more and more people are learning about as climate science goes mainstream, yet its geological nature feels so distant to human timescales. How are you learning from nature to take on the challenge of producing carbon negative cement?

 Nature has perfected the capture of CO2, but over timescales that are far beyond the urgency of humanity’s climate crisis. We know from extensively studying the natural carbonation cycle of minerals like calcium silicates and olivine that certain conditions must co-exist in order for CO2 to turn to stone. At Carbix, we have distilled this biological process to engineering parameters optimizing heat, pressure, mixing rate, UV-C and CO2 injection.

We don’t have to pipe CO2 underground near hydrothermal veins to achieve optimal heat and pressure for carbonation. To further speed up the process we learned from the chemistry of the upper atmosphere that UV-C light energy can enhance carbonation reactions at lower pressures than what may be possible on Earth. The Big Reactor in the Sky (Sun + upper atmosphere) has taught us the role that UV-C light plays in generating hydroxyl radicals (OH) to accelerate the carbonation process.

Our X1 reactor has been designed from day one to give us control of these key variables.

 Can you tell us about the X1? What does it look like to potentially deploy in the world to meet the incredible scale of construction?

The X1 reactor scales up to about 150m3 (cubic meters) to meet the demand of the cement and concrete industry. In operation we need a few inputs. Certain minerals, like olivine, have the greatest carbon sequestration potential so we’ll be finding sources with the smallest carbon footprint possible to ship in. The other critical input is CO2, which we can get by partnering with direct air capture (DAC) technologies or at lower concentrations through direct smokestack effluent. While effluent has lower CO2 concentrations, it actually is still a good feedstock since we then forgo DAC costs and capture other pollutants which otherwise end up in our air and lungs. We also will need energy and water, which we hope to get from renewable sources and lower costs with water recirculation and energy recovery devices.

 Ooh sounds sci-fi!

The X1 reactor looks like something out of an “Alien” movie series so I guess that makes it Alien tech hahah.

The design keeps in mind that size and speed matters when it comes to tackling the emissions from cement making, which accounts for up to 8–10% of GHG global emissions! It’s a huge climate issue, and a huge market as cement and concrete products are a nearly $330B annual global market. The use of concrete, as well as heavy CO2 emitters, are distributed across the globe so the X1 can be deployed as a single unit or scaled to multiple to match the rate of emissions or concrete production needed.

 You’re a young company, yet already in deep conversations with large companies about working together. Can you share more about the appetite in industry for climate solutions?

 The interest is strong from the industry to reduce their GHG footprints. The public and private incentives are expanding but already moving the industry in our direction. The US and other major governments have incentives through the 45-Q and LCFS standard (California) to help pull the industry in. The call to action — in a country like Japan for example, are mandates that require cement companies to reduce their GHG footprint by 30% by 2030, no exceptions.

These incentives are important because the scale we’re talking about is so big. One potential customer, Dangote-West Africa as the example, processes nearly 6000 metric tons per day of clinker at one plant!. That’s an annual rate of nearly 2.0Mt (megatons). Other cement plants have production rates of about half that at 1MM(megaton per year), like Mitsubishi.

We’re in talks and even sharing ideas on which product makes sense to pilot. Dangote proposed the idea of creating tiles with carbon negative carbonates and oxides so that every one of their customers can buy carbon negative products. Imagine that — individuals and businesses can beautify their homes and offices and become climate champions while effortlessly installing tiles. We think it’s an amazing idea as it lets consumers vote with their dollars to act on climate change.

 Finally, tell us about yourself and your team. What inspires you all to work on this problem?

 We’re all passionate about protecting our natural environment (and the humans in it) and have been so for most of our lives. It’s an internal drive. We’re also technologists. So for us the pathway to healing the plant comes through technology, like the X1 reactor. Inspiration to take this direct path to removing CO2 from the atmosphere and creating products like cement and concrete is driven in part by the scale of impact we can make. What we’re doing works in parallel with the transition to a clean energy infrastructure by giving the planet some “breathing room“ until the transition is complete.

Myself, I have over 10 years in clean energy design engineering, with a previous finance background. Dr. Vintit Dighe has also been in the cleantech space. He is an expert in fluid dynamics, wind energy, and machine learning. He‘s developing fluid and chemistry solvers to guide enhancements to the X1 reactor kinetics. Samip Desai has a clean energy and finance background in cleantech and is actively working in business development to bring in multinational cement and concrete ready mix producers.


AsimicA: Raising the Bar for All Biofermentation

In May 2020, a McKinsey report found that the global bioeconomy is slated to become a $4 trillion gold rush as synthetic biology’s promise to make high-quality, sustainable products gains traction. These products range from food to textiles to medicines, and biofermentation is the manufacturing process that makes all of it instead of having to extract them as natural resources. Today, we sit down with Nik Mushnikov, CEO and co-founder of AsimicA, whose technology promises to solve the bane of biomanufacturing: low yields that formerly could not compete with traditional manufacturing methods. Using his invention, dubbed “microbial stem cells,” Nik thinks he can achieve multi-fold yield increases in product, and keep the bioreactors running longer.

Ok first off, what is a biofactory, and why is everybody talking about them?

Microbial biofactories are basically reactions in which we use microbes (like a bacteria or yeasts) to make the product we want. This was a solution when the product itself was biological, like insulin, and we didn’t know how to engineer a synthetic process that is smarter than a living cell.

Now with genetic engineering, biofermentation is becoming more popular as we are learning how to make other products that aren’t even biological in nature. For example, we used to make plastics with petrochemicals because it was cheaper and more efficient, but the synthetic biology field is learning they can engineer microbes to make specialized plastics.

Wow, so do you think that biofermentation will be used to make everything?

I think petrochemical or chemical synthesis is still more efficient, but it comes with problems like relying on oil as a feedstock and toxic pollutants as a byproduct.

Microbes, on the other hand, have the potential to produce any chemical compound in a sustainable manner, using renewable resources, if you can engineer it correctly. If you factor in the externalities, I think that traditional chemical synthesis is starting to lose its edge, especially when it comes to specialized products.

Why isn’t everyone using biofermentation right now?

Microbial biofactories can’t operate non-stop. As they divide, every generation becomes less productive and you have to restart the entire batch. Every restart is expensive in terms of expensive, specialized labor and downtime. We’re talking several days. Economically this doesn’t fare well, and we need to find ways of making them more efficient and more productive.

People have tried ways to make the microbes live longer or more resistant, but evolutionary genetics eventually catches up and drives the population to become sickly and unproductive. The solutions in the past have been… lackluster.

So I guess that’s where you come in! How are you solving this problem of low yields?

Instead of trying to make the microbes live longer, we found a way to repopulate and replenish biofactories with a fresh generation of microbes during the batch. We’re doing it using our innovation of “Microbial Stem Cells.”

In our bodies, our stem cells essentially replenish the cells in our tissues so that they stay functional for decades, much longer than individual functional cells can live.

Our idea is similar to that — microbial stem cells are constantly replenishing the fraction of productive microbes in the bioreactor. It is a way to bring up new young and strong “workers” to the factory, so to speak. We’ve published mathematical models that show that this replenishment strategy would result in a 2–4 fold higher number of productive microbes in the bioreactor, which translates to higher productivity per reactor, and longer batch runs.

The effect that microbial stem cells can provide on bioreactor productivity can significantly increase the profitability of bio-manufacturing.

How did you come upon this insight? Was this always something you engineered with biofermentation in mind?

I was always very intrigued by the potential of biofactories for manufacturing all sorts of chemicals: pharmaceuticals, fuels, advanced materials, and so on. And I wanted to be involved in designing new strategies for bio-manufacturing using microbes.

When I started my PhD, I had a couple of projects, focused on increasing yields of microbial fermentation. The idea of realizing stem-cell-like behavior in industrial strains of microbes came out from previous fundamental research insights made by my advisor, Dr. Grant Bowman. He was studying a phenomenon of asymmetric cell division in some unique bacterial species. Sometimes their cell division diagram resembles the division of stem cells. Certainly, these species are not applicable to the industry. And molecular mechanisms underlying their asymmetry are way too complex to just copy them.

What we’ve done is that we identified a minimal set of key components that can induce asymmetric division in other species. We borrowed them from several different bacteria and transferred them into E. coli, and our Nature Chemical Biology paper demonstrated that we can indeed induce asymmetric cell division and program differentiation in different cell types.

What kind of products are you able to make and is there any limit to what yields you can increase?

We just got results last week that we are able to make several products from pharma, food, and the cosmetics industries. These are just proof of principle experiments to demonstrate how versatile our platform is. We’re thinking of experimenting with fuels next which are highly toxic products for microbes to make — again, just to flex how broadly applicable our “microbial stem cell” technology is.

Everyone who does biofermentation is dealing with the exhaustion of microbes, and I don’t think there is a better solution than ours to improve yields and lengthen batch reactor runs.

So the sky is the limit in terms of products, but what about the cells? Are you limited to E. Coli?

That is a very good point. Of course, not all biofactories are using E. coli cells as their workhorse. We see a fairly straightforward way to transfer out technology to other species of bacteria. We’re already working with Bacillus subtilis, which is what most of our industrial partners are using. Transferring our ideas to eukaryotic microbes, yeast, and fungi, would be a more R&D extensive project but we’re confident we can get there.

How does a potential partner incorporate their technology into their existing manufacturing process?

Biotech companies won’t need to change much in their manufacturing processes. What we do is a strain engineering service, which changes how the culture of cells in the bioreactor behaves, enabling microbial stem cell properties. But it doesn’t change the production process itself. Simply speaking, our partners would do the same things they were used to, but their strains after AsimicA modified them would have higher productivity.

Why did you study microbiology?

I started to learn about the broad potential of microbes back in high school and my interest kept growing throughout college. Each microbiology course taught me that the potential of microorganisms is unlimited. My first research project was in yeast genetics. I’ve learned some methods and practices of working with microbes, but the research scope was rather fundamental and driven by the needs of clinical biology, whereas I was more interested in applied microbiology.

I finally found The Bowman Lab in Wyoming to do my PhD, where my interests were more aligned with applied bio. There, I could perform my research studies, keeping in mind that we’re creating new tools, new technologies that can be directly applied to the industry. That research dynamic is closer to my heart, and launching AsimicA where I can take the application to industry has been one of the most rewarding experiences I’ve ever had.

What good would this do for the world?

The world needs cleaner economics. Humanity is facing existential challenges, and although we are getting closer to solving those challenges we still have a long way to go and perhaps what will move the needle the most is to change the way we make things — using renewable resources, reducing pollutants, and dropping down our emissions. Our technology can facilitate biofermentation in becoming the primary method for the production of the vast majority of chemicals. Just imagine how much dirty production we can push out if we can increase yields by 2–4 fold across the entire industry. That’s what I think AsimicA could do for the world and that’s the future that I want to help build for us.

Reazent: Powering Organic Agriculture

Despite the demand from consumers and environmental benefit, organic agriculture accounts for less than 2% of global agricultural land. Reazent is on a mission to change this by providing biologic products to supercharge plant growth and crop yields. Despite being a young company, they extensive field trials showing the benefit and consistency of their product, with more planned for late 2020 and early 2021. I caught up with Sumit Verma, their CEO, to learn more about their progress and the state of the industry.

CEO and co-founder, Sumit Verma

Alex: What inspired you to start Reazent, and what was the genesis of your idea?

Sumit: I worked in the chemicals industry for over a decade, and as an insider I encountered first hand some of the biggest challenges the industry faced. Companies grappled with how to reduce the carbon and toxicological footprint of the materials that consumers, industrials, and agriculture use, while retaining their effectiveness and performance. This problem was most evident in agriculture.

Agriculture directly affects human and planetary health, so sustainable agriculture — one that employs organic alternatives rather than synthetic petroleum-based ag-inputs — is beneficial for everyone. However, we learned farmers don’t want to adopt organic alternatives and organic agriculture because they consider it inefficient and leads to reduced income. My scientist colleagues and I had a shared passion to change this. While I was seeing this problem from a practitioner’s point of view, my scientist colleagues were working on developing sustainable alternatives for field applications.

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Quote from Earl Butz, US Secretary of Agriculture in 1971

Alex: So how are you replacing chemical ag-inputs?

Sumit: Reazent has developed a patented technology to increase crop yield and control plant pathogens in a wide range of crops such as soybean, peanuts, wheat, kale, and lettuce. Our approach is based on the effect of metabolites produced by soil bacteria. These metabolites up-regulate plant defense and root growth genes, as well as other members of the soil microbiome who in turn produce metabolites which help the crop.

We learned how to do this by studying unique genomic loci present in certain bacterial strains which increase the range and quantity of metabolites produced. We have over one hundred uniquely genotyped strains and hence we can create plant growth and disease control effects in many crops critical to the global agricultural supply chain.

Alex: You’ve been running field studies this year in several crops, tell us about what you’ve found.

Sumit: We have demonstrated the efficacy of our product in increasing both crop yield as well as plant pathogen control in bench-scale, greenhouse, and field scale trials in legume crops such as soybean and peanuts. The results we have obtained so far are fantastic — up to 400% increase in soybean root nodules, up to 30% increase in peanuts above-ground biomass, and up to 35% increase in peanuts pod dry weight. In these trials we are putting our product up against industry benchmarks of synthetic and organic products.

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Soybean root nodules from a greenhouse trial. Control on top, Reazent below

We have several other greenhouse trials underway — including soybean, kale, wheat, and tomato — and are very excited to be getting results by mid November to December. Next, we will be running extensive field trials in soybean in North America, Brazil and India during the next growing season.

Alex: In the chaos that is nature, how do you ensure consistency and predictability for farmers? This seems like a challenge, at least in perception, versus traditional chemicals.

Sumit: Farmers have had mixed experiences with ag-biologicals over the years. Often what works in the greenhouse fails in the field. Moreover, their performance varies in different environmental conditions and geographies.

Knowing this we have focused on meeting the needs of farmers in any geography from day one. Unlike conventional biologicals, our system has a very long shelf life. Secondly, they are highly resistant to adverse environmental conditions. This is because our biologics are based on unique bacterial species that form durable spores — a form that allows them to withstand adverse environmental conditions. When condition are right the bacteria activate and start to have their beneficial effect.

Additionally, we have designed our biological system in a manner that allows them to colonize plant roots and soil effectively. This adds to their consistency and predictability.

Alex: There are a growing number of approaches to biologics in agriculture. What makes you different?

Sumit: A few startups involved in this space are tackling the problem of sustainability through synthetic nitrogen fertilizer replacement. Their biologics can directly fix atmospheric nitrogen, providing an alternative source of nitrogen to the plants. Although this mode of action, if successful, would work on crops that don’t fix nitrogen themselves, it won’t work on leguminous crops like soybeans that fix nitrogen themselves through their root nodules.

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Early corn trials. Three untreated roots on left, three Reazent treated roots on the right

We have shown our product increases the number of root nodules significantly in soy, which leads to increased yields. With our library of beneficial soil bacteria we can also work in crops without root nodules, like corn. In these crops we increase immunity, root growth, and vigor of plants through the bacterial secretion of metabolites.

Alex: Regenerative Agriculture is getting a lot of attention as a potential solution for climate change. What’s your take on the role of agriculture, and how do you see Reazent being part of that?

Sumit: Paradoxically, agriculture is a well-known contributor to climate change. This is because a large amount of carbon is released back in the atmosphere due to various farming practices. Therefore, sustainable farming practices such as no tillage farming, crop rotation, and enriching the soil microbiome help in reducing carbon emission from agriculture. If less of carbon in the soil is made available for release in the atmosphere by better utilization of that carbon in the soil itself, the carbon emission from agriculture would come down.

Like the human microbiome in human health, the plant microbiome plays a crucial role in soil health. Recent studies have shown that a rich soil microbiome contributes to improved Carbon Use Efficiency (CUE). This means resident microbes are taking up and retaining carbon in their biomass rather than losing it during respiration. The increased CUE means more carbon is stored in the soil for longer, more beneficial microbes propagate, and plants thrive. Healthy living soil thus benefits humanity by storing more carbon and providing us with healthy nutrient rich crops.

Alex: Finally, tell us about your team. Who are the people building Reazent?

Sumit: I am very proud of my team. They are some of the best business and scientific minds in the sector.

Before starting Reazent, I worked in the chemicals industry for over ten years in a wide range of functions that included innovation, operations, marketing, and sales. Most recently I was with Ashland, a globally renowned specialty chemicals company, where I handled its regional innovation for Asia Pacific. Over the years, I grew to understand the limitations of the chemical industry from the demand side, and what it took to introduce a new product.

Dr. G L Rao is the CTO of Reazent. He is a plant biotechnologist with experience in plant biostimulants. He understands how to translate science into product through his work as a formulation specialist for Tinyfarms-Modgarden where he was involved in the optimization of soilless media and liquid nutrient formulations for greenhouse and indoor gardening. He also co-founded Plasma Agriculture Solutions where he developed cold plasma to treat seeds for improving seed quality and provided services to Argo-industries to perform product trials. Before this he was a post-doctoral Fellow at Faculty of Agriculture, Dalhousie University and at Earth Institute, University College Dublin, Ireland

Our advisory team has experts from the industry and academia.

Dave Warner, a former executive of Indigo, Corteva, and Monsanto advises us on go-to-market strategy and has helped us in building partnerships with potential distributors. Dr. David Mulla is an expert in soil science and precision agriculture. He is helping us build soil expertise that will provide us a competitive advantage in the market. Professor Srienc has three decades of experience in bioengineering and biomaterials. He developed technology to optimize bacterial fermentation and his expertise will help us in product scale-up.

To learn more about Reazent check out their pitch at IndieBio Demo Day on October 28th! To get in touch visit their website at

If you’re a startup solving challenges in human and planetary health interested in the IndieBio accelerator, let us know at

Khepra: Renewable fuels from waste

Khepra is building continuous flow reactors that deploy high-intensity ultrasound frequencies to take waste — everything from unrecyclable plastics to biomass to cardboard — and even mixed waste — and break the chemical bonds in the waste. The result is upcycled renewable chemicals and fuel components.

Today, I sat down with the founders to learn a bit more about the field and also about their personal motivations to run Khepra as they get ready for demo day. Below is a paraphrased and condensed version of a long discussion we had.

How did you guys get into this field?

Madeleine: Growing up in California, seeing solar panels all around, you start thinking solar panels are some be-all, end-all solution. Over time, I learned how without renewable energy storage the potential of solar cannot be realized. You know the infamous duck curve — the timing imbalance between peak demand and renewable energy production — leading to us literally throwing away solar energy. The sun shines the most when we don’t need it. I was working as a systems integration and testing engineer at Lockheed Martin, when Julie, who is my childhood friend, told me about this project, where she planned to put this excess solar energy to use, to breakdown waste into renewable fuels. I was in.

Julie: Yeah, I had been obsessed with renewable fuels for a long time. And obsessed with sustainability for even longer. My dad took me to see the movie, ‘Inconvenient truth’ when I was eight and that messed with my brain chemistry if I can put it that way. Sustainability was also a key theme for me throughout my education career. Reading a lot about space and going to school at the University of California San Diego, right in the neighborhood of pioneering companies such as Sapphire Energy, making algae-based biofuels by harnessing high energy, high pressure.

Fascinated by the idea I started reading a lot about these high-pressure, high-temperature methods in the field. I got very active in the cleantech community at UCSD when I got hooked to the concept of cavitation. There’s large amounts of energy stored in a cavitation bubble and a large amount is released when a bubble bursts. At its core, Khepra uses that energy to break long-chain organic polymers into shorter chain molecules, which are potentially higher value aromatic ingredients or precursors to fuels and/or fuel precursors. With the idea in mind, we started charting the concept more with waste as a feedstock.

Madeleine and I, staying true to our silicon valley origins, started tinkering in her garage. We played with cheap transducer units ordered from amazon and catalyst combinations, even accidentally burning stuff in Madeleine’s oven! The oven survived but we did have to brave some rank odours. Haha!

We were ultimately able to get access to a warehouse space in San Francisco, enabling us to prototype a bit more and hash out a solid blueprint of the tech-stack and file a provisional patent around the process. That’s around the time we spoke to you guys at IndieBio and started putting together a de-risking plan and budget against those blueprints. Going from theory to reactors in less than six months and that too during a pandemic!

Sustainability has become a buzz-word, rightly so in my opinion, yet this is not the first time cleantech startups are taking a shot at the problems the earth faces. As you must have seen with so many San Diego cleantech startups, they are no longer operational, unfortunately. What’s new; how is this time different?

Julie: There is an abundance of waste. Both waste in the traditional sense of the word — the mountains of trash out there — and that of renewables as Madeleine mentioned. Using renewable energy transforms our unit economics. Acting as a pontoon against the waves of commodity prices. Cost parity against commodities aside, failing to achieve margins was a big factor leading to the sad demise of the first wave of cleantech. By co-locating with refineries with installed CAPEX, collecting tipping fees on waste, monetizing offsets from progressive corporations, and finally selling the valorized waste gives us multiple revenue sources; We’ve created a two-sided marketplace. Which is what is new and exciting here.

Madeleine: I’ll also add that from a tech perspective, our use of high intensity focussed ultrasound for waste pyrolysis (breakdown) is completely new. This technology has a high energy efficiency from electrical to acoustic energy. Because our method is powered by renewable electricity, it has a positive EROI (ratio of energy returned on energy invested).

Now you may think there are many moving parts here, which there are. But the good news is that many of these parts have been de-risked by earlier cleantech or the refining industry. We specialize in orchestrating all of it together. That’s also where a good portion of our IP lies.

That’s super exciting. I like how renewable energy-powered ultrasound is helping you connect the waste and commodity markets. Respectfully, I do have to ask, how do two undergrads catalyze change in such entrenched industries?

Julie: IndieBio opened doors to a lot of corporates, we have been made full use of the network and been actively reaching out to incumbents. To our surprise, we learned how corporates and oil and gas companies, juggernauts of emissions, understand the impact they have on the world, and they also understand the tipping points climate change will hit and how that will come back to hit their businesses. They are also incredibly practical and have already begun adapting their models. For example, for oil & gas, extraction drives a lot of the emissions. So many oil & gas companies are adapting by transferring a lot of their extraction budgets to venture capital arms. This has just started happening and shows you how they need something new, not just what they have, and had no incentive to change all these years. And these venture arms are very results-driven, you have to show them a product, not just projections. That’s been motivating us to prototype and scale rapidly. The impact multiplier with their distribution channels is manifold. With renewable chemicals and fuels that come out of our reactors, we see our company as a means of facilitating change for industries looking to add circularity in their processes.

Madeleine: In this process, a big learning has been to leverage the wealth of expertise out there. I am no longer afraid to reach out to and ask experts for help.

I learned how our process is so novel and exciting for many experts in the field, who know so much more than us and want to help because they love what they do, and now see a chance to make an impact.

One example is our chemical process design consultant, Kieth Gazda. With 30 years of experience, Kieth can design a reactor in his sleep. He’s been interested in our company even before we had a prototype. Skeptical at first, till he saw more data points and preliminary data from the small experiments we did where we were breaking down organic polymers with ultrasound. He is in a unique position in his career and can work on a lot of projects, but chose to work with Khepra as he sees the environmental impact we can create.

Julie: That’s a very good point Madeleine makes. Valuing experience beyond just effort and skills. I don’t fall for the mythology of the genius visionary founder. Getting top talent and mentors excited and on-board early is important to us. Creating value and therefore disrupting trillion-dollar industries can only be done if we aggregate experience and bring on people who know more than us. Kieth is an excellent example of the role experience plays in accelerating impact. I am excited, as CEO, to make Khepra into a platform for talent, from many disciplines to create impact through renewable fuels and circular products.

Team-building as a means of disruption. I love it! Let’s talk about where you are now. Recently you revealed your prototype to the world during an interview with our MD, Po Bronson. Where do you fo from here?

Julie: Khepra plans to scale up to a 500-liter reactor by the end of our Series Seed and add catalytic refinement capability to enable higher-value fuels. Looking very far out we want to get to 70 tons/day which is the waste output of a small city.

Madeleine: And scale is one dimension, as a pre-seed company we have had to tradeoff some complexity for budget and speed. We have been learning by breaking. With our Series Seed, we are also excited to optimize our process flow and demonstrate proof of concept of processing varying feedstocks. Going into demo day we are also looking forward to gathering insight around techno-economic analysis that shows the economic performance as a function of the inputs and economic value of our outputs. Really exciting times!

IndieBio’s Demo Day is October 27–28, with the New York batch on Tuesday the 27th at 10 am, and the San Francisco batch on October 28th at 10 am. Please follow this link to Eventbrite to RSVP. A single registration will grant you access to both days’ events.

Spintex: Sustainable Materials Powered by 300 Million Years of R&D

Friends and labmates who trained together in the Oxford University silk group, Alex Greenhalgh and Dr. Martin Frydrych are tackling climate change one silk shirt at a time.  From their lab in Oxford, Alex answered some of my most pressing questions around the environmental damage fashion manufacturing is inflicting on our planet, Spintex’s unique take on a material that’s been used for millennia, and how a 300 million year-old technology can be new again.

[Interview has been edited for length, but not the British spellings.]

First things first, how do you pronounce Greenhalgh?  

Alex Greenhalgh: Green-hal-sh, very soft on the s. But everyone has their own idea on how to pronounce it!

Silk seems to be all the rage, but Spintex is coming at this in a totally different way than other venture-backed start-ups in the silk game.  What’s the key difference and what are the implications? 

AG: I think there are really three aspects to our approach which set us apart. Firstly, we produce a feedstock which has the key attribute of a natural silk, ‘shear-sensitivity’, which means it can transform from a liquid to a solid, just from a physical force, such as rubbing your hands together. . .if you pull it in the right way, the nanofibrils inside the solution start to orientate in one direction and form bonds between themselves, and you get a fibre. 

Crucially, we can produce this feedstock without bioreactors, which although it is an impressive technology, has seemingly struggled to replicate the size and complexity of the silk protein. This reduces our costs dramatically, whilst also allowing for a completely different form of spinning machine. 

Our spinning machines… instead rel[y] on the liquid to solid transition from force, meaning that the feedstock is actually self-assembling into the fibre. This is a direct mimicry of the spider’s approach, and is what gives us our impressive energy savings and material performance.

Energy savings – I like the sound of that.   

AG: Compared to the traditional silk process that relies on heating huge vats of water and caustic chemicals to boiling temperatures to reel the silk from the cocoons, we can expect to produce our fibres with at least 50% energy savings, by removing the need for any heat inputs, which represent the vast majority of silk’s impact. I’m expecting once we run the numbers further, the energy reduction will be even greater, due to removing several of the more environmentally damaging chemicals from the traditional process, and an expected decrease by 100x in water consumption.

Even compared to other alternative silks, we expect to see a good reduction in energy requirements, as bioreactors commonly have to run above room temperature for their microbes, and require protein purification and freeze drying steps that are very high energy input.

How will Spintex scale-up and disrupt the silk industry? 

AG: Our scaleup is somewhat easier to achieve than might be expected for a biotech company. We don’t need to invest heavily in large bioreactors, which are a serious drain in capital and very costly to run 24/7. Furthermore our consumables are all very cost-effective, and can be mostly sourced renewably. 

Our scaleup mostly comes from increasing the quantity of our feedstock [using] readily available machinery and automation, and increasing the throughput of our spinning process [by running] more [of our low-cost] spinning machines . . . in parallel.

Spintex spinning silk (say it fast 3 times)

You say this is backed by millions of years of R&D – how’s that?  

AG: Silk first evolved in spiders around 300 million years ago, and . . . the versatility that silk provides to the spider . . . orb web, cobweb, natural diving bell[s], parachute[s] for young spiders to travel immense distances, demonstrates [its] value and usefulness.  

Interestingly, the approach to producing fibres through a low-energy spinning, is so effective that . . . it has evolved independently multiple times, in multiple arthropods, including bees and glowworms, arachnids and even a mollusc species. 

However when we look specifically at material properties, particularly toughness which is the combination of the strength and stretch of a material, spider silk reigns supreme. Although the underlying feedstock between species share many characteristics and attributes, it is the process that a spider uses to spin that seems to be critical to the performance. This is why we looked to spiders as our template for our spinning machinery.  

Why is alternative silk such an appealing planetary health play?  

AG: The drive to reduce costs of clothing has seen many synthetic materials used, which we now know can have real impact, first in the energy or resources for their creation, to microplastics produced during washing, to problems with end-of-life. 

Earlier, you described the immense energy and environmental cost involved in traditional silk production, too. 

AG: That’s right, it doesn’t mean natural materials are inherently better.  Traditional silk . . . doesn’t suffer from microshedding and can biodegrade, [but] takes a huge amount of energy for its production. The huge vats of boiling water . . . represent 50% of the total energy in silk’s production, and is the primary source of its large CO2 emissions. 

So even when using a natural product, we can’t seem to avoid having a negative impact on the environment. I think this is why alternative options, and new, sustainable technologies are so desirable, and really tackle some strong pain points for the industry.

During IndieBio you’ve made some great progress with customers – what have been the highlights in customer development?  Any unexpected learnings? 

AG: For me, the real highlight has been the industry’s willingness to support innovation through a variety of means, including providing market and industry data, to supporting testing projects. I’ve been really impressed by the genuine commitment from them in seeing new developments that tackle sustainability issues in fashion, and even in other markets, where environmental issues are increasingly being taken very seriously. We’ve seen potential for collaborations and projects together, with real commitments for working together, beyond even LOIs.

An unexpected lesson for us, was not every value proposition is actually valuable for your customers. For example, we demonstrated some new dyeing possibilities using our fibres, that we thought would be exciting for reducing the environmental impact dyeing has. But most of our customers print directly onto the woven fabric, so they had no need for this!

Elephant in the room, can folks test Spintex’s fibers?  

AG: From the very start we knew that the performance of our fibres would be critical. You can’t easily supplant an existing material, if you have grossly inferior qualities. So much time was spent on perfecting the feedstock and spinning processes to produce a material that can at least match a traditional silk. And what we found is that through our process, we can actually improve some properties, particularly toughness, to levels not seen in traditional silks, but in spider silks. 

We have had quite some interest in testing the fibres, particularly from performance and advanced material companies, which we have been happy to supply. The results closely matched our own testing, clearly showed the potential for the technology, giving unique possibilities in natural fibre textile spinning. These discussions are ongoing, but so far the reactions have all been positive. 

What inspired you to start Spintex? 

AG: I’ve always loved science, but increasingly I found myself wanting to see research turn into an actual solution, that changes something, rather than just being an interesting footnote in an academic paper. With our work, we saw a real opportunity to provide a tangible benefit to the world. I’m especially excited about the possibility of reducing CO2 production in fashion, as the COVID pandemic has shown, even with personal changes to travel and working, we can only drop emissions by a fraction of what is needed to prevent devastating climate change. Manufacturing and the power generated for it are still by far some of the largest producers, so it’s crucial we start moving towards low energy methods for manufacture of the materials we need.

What’s your biggest lesson from spinning (ahem) up Spintex during a global pandemic? 

AG: You never have enough of everything, so stock up! But also that tough times can be stressful and unpredictable, but if you keep pushing ahead you can weather nearly any storm.

Finally, let’s play a little word association: What’s the first thing that comes to mind when you hear the term “butt rope”? 

AG: For me it’s a birthday card that I have received many many times from friends and family.  

Check out Spintex at IndieBio’s (virtual) Demo Day on 28 October!  Register here for the two-day event (27-28 October 2020).   

BioFeyn: Making Eating Healthy Fish Sustainable

BioFeyn is a company that aims to make farmed fish a truly sustainable practice. We spoke with CEO Timothy Bouley to learn more about how nanotechnology can create better fish. 

Watch and read an abbreviated version of the conversation below.

What are the problems with current farmed fish practices?

There are many ingredients used in fish feed; the kind of fish that we eat most frequently are ocean predators, things like salmon. Salmon naturally eat other animals and so salmon feed often includes other fish; the fish in this feed is often caught from the open ocean, depleting wild populations and contributing to overfishing. The FIFO, which is the “fish in, fish out” ratio, for a species like salmon, that can be more than one. By putting more fish into the system than you’re producing, the system is not efficient.

There’s also an incredible amount of waste associated with this process due to the excess nutrients that are dumped into the fish pens, which then goes into the environment. Additionally, a lot of fish die, adding to environmental contamination.

BioFeyn is taking the latest science from human biomedicine and applying to the space of aquaculture, or farmed fish. Our team is unique in that each of us come from the world of human biomedicine—I’m a medical doctor, my cofounder Umberto is a nanotechnologist and our other cofounder Marie-Christine Imbert is a molecular biologist—and we are taking some of these latest technologies and simply applying them to the word of aquaculture, where there’s ample opportunity to scale up these biotechnological developments.

What can you tell us about your Feyn products?

Essentially it’s a capsule, on the nanoscale, that encapsulates existing ingredients, such as nutrients or medicines, that can be used in aquaculture to greatly increase their efficiency and improve overall sustainability in the field. Our Feyns are made of all natural ingredients, all already approved ingredients in this space.

We’re focussing on high-value ingredients that are already in fish food but are delivered very inefficiently. One example is omega-3 fatty acids; everyone knows that these are why we eat fish, to get the omega-3s and gain cardiovascular health and brain health. The problem is that salmon get omega-3 fatty acid by eating other fish. We can encapsulate it and include it in salmon feed, increasing feeding efficiency by an order of magnitude, tenfold. This increase in omega-3s is passed on to a customer that eats BioFeyn-treated fish feed.

We’re looking to encapsulate many different ingredients, part of how we determine what the characteristics of a successful Feyn. Number one, we look for things that are expensive. Number two, ingredients that are marine-derived that have a secondary, more sustainable means of production. 

For example, previously omega-3s have come from smaller fish to the salmon, but the natural environmental source of omega-3 fatty acids is in fact algae, and the smaller fish that eat algae pass that up the food chain, eventually reaching salmon. New ingredient companies are farming algae, and these omega-3s can be taken directly from algae and inserted into the fish feed, bypassing the need for wild-caught fish. The problem is that these omega-3s can be very expensive, and our method increases the efficiency tenfold. We can make it cost effective to use an ingredient that benefits fish, farmer, and consumer.

We can make it cost effective to use an ingredient that benefits fish, farmer, and consumer.

How will BioFeyn get its product to the fish?

There are many different ways to address this, one of which is going directly to feed producers; these folks have global reach to the farmers of the world. There are many, many tens of thousands of fish farmers, shrimp farmers, crustacean farmers around the world, and there are many, many fewer feed producers. Working directly with the feed producers is the most efficient way to reach as many farmers as possible.

That said, there is a path to working with farmers either individually or through trade organizations that represent a number of farmers and developing specialized products for farmers. 

What other products might BioFeyn use its technology to produce?

We have a roadmap for how our platform technology, where our nanocapsules can encapsulate a number of different ingredients. That includes probiotics, essential oils, that includes medicines that are approved in aquaculture. This is really key: there are a lot of medicines that work for some of the trickier fish diseases that are heavily regulated and can, of course, cause environmental pollution; with our technology, we can massively increase the efficiency and reduce the amount needed.

Down the horizon, in the future, we imagine encapsulating antigens as well, with some potential to developing vaccines. So you know, basically the spectrum of aquatic animal health that we think can be addressed with our encapsulation technology. We anticipate the technology will reach a point where it is fully modular and we have recipes for any challenge in this space, whether it be nutritional or infectious.

The ocean is the lifeblood of all life on Earth. All humans are three-quarters salt water. We came out of the ocean and there’s so much that can be done with understanding the marine environment and combining it with the latest biotechnologies that can be used for human and oceanic health.

Learn more about BioFeyn and all of IndieBio New York Class 1 companies at Demo Day.

Multus Media: Enabling the Food of the Future

Multus Media is a company producing the key ingredient to allow cultivated meat to become affordable and accessible to everyone. We spoke to CEO Cai Linton about his entrepreneurial journey.

Watch and read a lightly edited version of the conversation below.

What is cultivated meat?

Conventional meat and cultivated meat actually produce the same end product. They both produce burgers, sausages, steaks, and fillets. The difference between the two is the production system. Instead of producing these meats through an animal, all we do with cultivated meat is to take a cellular sample from an animal without having to kill the animal. It’s grown in bioreactors, similar to how we brew beer, but using these cells instead of yeast. The cells are then packaged into meats to create the same product.

Cultivated meat processes solve the environmental and ethical problems associated with meat consumption, to alleviate the environmental damage and greenhouse gas production associated with livestock and conventional agriculture, as well as the heavy antibiotic use, large areas of rainforest cut down to support livestock, and microplastic contamination, among other problems. Within bioreactors, you’re only producing the meat that will actually build and eat, by feeding them the exact nutrients and supporting their growth environment with very little waste.

Why isn’t cultivated meat available at the market?

My co-founders and I wondered what challenges stood in front of producing cultivated meat at high scale. We kept seeing again and again that the biggest bottleneck that is preventing this industry from commercializing is the cost of production—specifically, the cost of the growth media.

The cost of growth media takes up more than 80% of production costs right now, and current solutions are more tailored to pharmaceutical products. There isn’t a solution that not only uses animal-free components but is able to reach the performance scale and cost requirements of the cultivated meat industry.

What is different about how Multus Media creates growth nutrients?

Most media contain serum derived from animal blood, which is used in biomedical research or biopharmaceutical production to grow mammalian cells. Serum contains a concoction of proteins and salts and other nutrients that mimic the growth environment, and in that sense, it is very good.

The downside of serum is that it is an unethical byproduct of the livestock industry. It’s not very scalable and also offers batch-to-batch variability, which isn’t good when you’re trying to produce a consistent product at scale. 

What we’re doing is taking these components that exist within animal serum and producing them without animals.

What we’re doing is taking these components that exist within animal serum and producing them without animals. We use yeast as a production system, again similar to how beer is brewed, but our yeast produce specific proteins. We then combine the proteins and other factors into formulations that make it a similar growth-promoting substance, but in a way that can be scaled and doesn’t use animal components.

Conventional serum-free media that exists is designed for a very specific use case using highly purified individual ingredients. This makes existing media both not useful for looking at a number of cell types and also very expensive.

What is your first product and what does it do?

We’re initially creating a universal serum for mammalian cells, Proliferum M. Not only will this benefit bovine, but also sheep or porcine cells as well. We can take a step further and look specifically at either individual cell lines or a group of cell lines that a cultivated meat company may be using, and so tailor our media for this specific use case.

We’re optimizing formulation today to give high performance across a number of different variants within a million cells, as well as low cost. 

Our products after that will be expanded into products that support chicken and duck as well. Then, also different types of seafood. We’re looking toward developing products for those different types and seeing what we can do to innovate novel proteins.

What is novel about the Multus Media approach?

We’re working in an area that hasn’t been researched much in the biomedical sphere: the ability to identify the key components for cultured meat and to bring these components in a way that is a real solution.

What we’re doing with our protein engineering is taking these natural proteins and changing a few amino acids within a sequence to enhance their performance characteristics. This will benefit the industry by effectively increasing the performance of the growth media, which will reduce the amount (and expense!) of growth factor components that you need. We’re excited to showcase the performance of our medium at Demo Day!

What is your hope for the future of Multus Media and the cultivated meat industry?

In 5 years, I hope that cultivated meat has really started to make an impact on the traditional meat industry and is available to mass, mass amounts of people. By starting early, we hope Multus Media is in a position where we can service the whole industry and start increasing scale. We’ll be looking at our production of products across the line, replacing for different parts of the production process. The initial stem cells may need different serum than cells differentiated into muscles or connective tissue, but all products will need to allow the whole industry to commercialize at a profitable price point. 

Learn more about Multus Media and all of IndieBio New York Class 1 companies at Demo Day.

The Future of the Planet: Food Systems

Po Bronson, Managing Director at IndieBio hosted this panel featuring Special Guests:

Bruce Friedrich, Co-founder and Executive Director of The Good Food Institute (GFI), Christine Moseley, Founder & CEO of Full Harvest, Tom Tomich, Founder of the Food Systems Lab at UC Davis, &  James Joaquin, Co-Founder & Managing Director at Obvious Ventures.  Thank you all for joining us!

“Grocery stores once felt abundantly restocked, that was until COVID-19 hit our food systems. Restaurants closed, plant workers contracted the virus, milk was poured out, rice piled up at ports, hogs were asphyxiated.

In reaction, IndieBio asked today’s food pioneers and leaders – What will the future of our food systems look like and how will our food security be impacted?

The Current Food Situation

Christine Moseley, founder and CEO of Full Harvest, first saw the food waste problem at a lettuce farm.

“I watched as they were harvesting only 25 to 30% of the romaine head to perfectly bag it for grocery stores and let up to 75% fall to the ground, even before it reached the consumer,” Moseley said.

A study conducted by Santa Clara University in 2019 found that one-third of all edible produce in the US doesn’t leave the farm. “It’s purely just because of access, or it’s just not perfectly shaped for retailers.”

Tom Tomich, Founder of the Food Systems Lab at UC Davis and Professor at the Department of Environmental Science and Policy, extended on access to transparency. “The food system is about profits, and it’s also about power. You need to bring in ontologies that allow us to understand more about, well – Who’s pulling the levers? Who’s got the power here?”

Bruce Friedrich, Co-founder and Executive Director of The Good Food Institute explained, “the meat industry is a big part of the problem in terms of inefficiency and in terms the range of environmental harms.”

He explained the inherent contradictions in our eating behaviors to environmental needs. Basically, most people know that slaughterhouses are not sustainable.

“Yet per capita, meat consumption just goes up and up and up… 2019 was the highest it has been in recorded history,” explained Friedrich.

“There’s something about human physiology. We like meat, we want to eat meat, we want the sensory experience of meat,” continued Friedrich. “So rather than continuing to beat our head against this wall… let’s change the meat.”

“We need products that taste the same or better, and that costs the same or less. That’s the Holy grail,” said Friedrich.

Launching our Minds and Stomaches into the Future

One solution has been cellular meat, which allows meat cells to grow without complications of animal welfare.

“That’s going to take a long time to scale,” mentioned James Joaquin, Co-Founder and Managing Director at Obvious Ventures. “But there’s some of our greatest minds working on it.”

 “The excitement around regenerative agriculture is getting us past this monoculture, of how efficiently can we grow corn and soybeans?”

Joaquin mentioned lupini beans from Europe and duckweeds from water.

Then there’s the world of mushrooms. “There’s a startup called Meati, growing mycelium root systems to create this really textured fibrous kind of substrate,” explained Joaquin. “You can then season and flavor to create a whole cut meat alternative.”

Moseley, who’s business seeks to solve farm food waste with technology, mentioned experimental methods of fermentation and preservation including, IQF freezing, pureeing, and powdering.

“I think a lot that can, will, and needs to be done not only for nutrition purposes and extracting things out of it as much as possible, but making it last as long as possible,” Moseley explained.

With emerging technologies at our fingertips, collaborations will widen our culinary experience – that is as long as it tastes good.”

Summary by Emily Quiles

Q&A with the new Managing Director of IndieBio, Po Bronson

Po Bronson
Po Bronson
Po Bronson

Q. Uh, seven bestselling books … you could be retired on some private island … why are you here?

A. It’s simple. I fell in love with IndieBio. I mean, I really love it. I’ve been deeply committed at every level for over two years. I know this isn’t a conventional answer but that’s because most people don’t feel this way about why they do what they do.

Q. SOSV was named the US’s “most active VC” in Q2 — a time when economic GDP fell by 34%. IndieBio’s activity was a huge part of that. Why didn’t you slow down like so many others?

A. Everyone says COVID is the great accelerator — and they’re largely talking about the shift to ecommerce over retail, or the shift to at-home entertainment. But it’s been a huge accelerator in our sectors: scientists are heroes.

Q. What’s unique about leading an organization like IndieBio?

A. That it’s a network. Sure, at the core is our SOSV set of funds. But IndieBio is a community, and it’s been built by founders, by investors, by non-profit advocates, by so many friendly universities, and by fans who pack our rafters at night. They all have a stake in IndieBio. I have experience leading three previous organizations that had this community dynamic. It’s very much about service. I’m here to serve. Not boss.

Q. What’s the most-important-but-least-discussed secret to venture capital?

A. Trust. All financial transactions are about trust and belief at their core. Trust and belief is the foundation of all organizational activity. Derisk, derisk, derisk — but there has to be a nugget of trust and belief.

Q. How is IndieBio changing?

A. There are not new changes. We’ve been implementing them over the last two years and they are largely in place. 1) We’re not just an accelerator anymore, we’re a bigger fund, investing in our companies for years and years (80% of the money we’re deploying this year is not at the accelerator stage); 2) We opened IndieBio NY, with the help of the State of New York, and have a tremendous team there led by Steve Chambers, doubling the number of startups we’re accelerating; 3) We’re making a little more capital available to each startup through Genesis Consortium. I know this has been a hard year for so many; but it’s been a record year at SOSV.

Q. What’s Genesis Consortium?

A. Many funds and partners have long wanted to invest programmatically into our portfolio at the very early stage — and now there’s a way.

Q. Favorite Arvind quote that inspires you every day?

A. “Alpha is in the Basement.” It means that the greatest value we add to our companies is working really hard with them, one on one, in the first five months.

Q. Why did you and Arvind write a book?

A. It’s said in basketball, “Shooters gonna shoot.” So, “Writers gonna write.” It’s just what we do. I think most people kinda had a sense that Arvind was also an artist, or had been an artist — but I think they’ll be blown away by his chapters. Absolutely blown away.

Q. What’s front of mind these days?

A. Ahh … I have to say, the industrial and manufacturing sector, and how it underlies the deep psychological need for self-sufficiency, self-determinism. We work with a fair number of nations and NGOs who see biomanufacturing of raw materials as a path to self-sufficiency. But this applies equally to the US too.

When the pandemic hit, we couldn’t even make masks. We couldn’t produce test kits. We couldn’t make ventilators. We were out of toilet paper. In some cases, we couldn’t even make drugs.

The only full-stack US manufacturing sectors left are food processing and construction. Products that wear a “Made in USA” label, like our cars, are assembled here from parts made elsewhere. The processing of raw materials we’ve long abandoned. The result is an economy with lots of jobs — but jobs making $5 sandwiches at Subway rather than making the $1,000 phones we use.

Even the food sector has shown incredible vulnerabilities. Milk is being poured out, crops are rotting in fields, hogs are being asphyxiated, all while there’s huge long lines at the food banks. Grocery prices are going up as restaurants are going down.

China didn’t take our jobs. We gave the jobs to them, so our televisions could be bigger and our clothes cheaper and we could decorate our homes with new furniture they built for us. In the ’90s, we decided we wanted to be the manufacturer of digital and virtual products instead. Stuff like movies, and advertising, and insurance. (Except health insurance.) Everyone was going to be a “knowledge worker.” Remember that? It only works when knowledge is reasonably scarce. Then the internet dumped all the world’s knowledge online, and made it free. We soon led the world — in borrowing money. We’re #1 — in incarceration. Nobody can compete with us — in dog and cat ownership. We crush the rest of the world — in plastic surgery. Poor counties stopped hoping for a factory, and started hoping for a casino.

The collective sense that we’ve gone astray may show itself in protests and in a moral divide, but its roots are in the economic system. The intense polarization of this election is just the downstream effect of fundamental economic weakness. America was built on a creed of self determination and self reliance. Then we abandoned it. Now we lead the world — in divorce.

Watching how we’ve gutted our industrial base has been painful. But I would argue the path forward is vividly clear: take advantage of the massive shift to sustainable production, and reestablish our industrial base with cleantech across every sector.

The means of production is undergoing a complete reinvention to address greenhouse gas emissions, pollution, and natural resource constraints. Almost everything we make — from cars to houses to clothes to food — is being stripped down to its raw ingredients and reassembled. Even the very base of the industrial economy, chemistry, is going green. Exxon was the most valuable company in the world as recently as 2013. Exxon dropping off the Dow Industrials in just seven years should ring alarm bells in every boardroom.

I think it’s important to juxtapose “advanced manufacturing” vs “biomanufacturing.” Advanced manufacturing uses automation and robotics to deliver unprecedented precision — it’s still about finished, durable goods. Biomanufacturing is really about new raw materials. For the first time, we can produce superior raw materials that don’t need post-processing — (not just like for like) — in bioreactors at scale. It’s a technology that will change global power, because it allows any country to stop importing. All technological revolutions are also social revolutions, and this one will be wild to live through.

Q. Short answers, please.

A. Check.

IndieBio Call for Applications

SOSV Announces Launch of IndieBio New York

— World’s leading life sciences accelerator expands to New York City —
— Call for Applications Open Now —

(NEW YORK, January 7th, 10:30am EST) — SOSV, the world’s most active investor in both life sciences and hardware, announced that the inaugural cohort of IndieBio New York will start in Manhattan in May 2020, with applications being accepted beginning today.  

“We’re doubling down on life sciences,” said Sean O’Sullivan, founder and Managing General Partner of SOSV. “We are looking to bring what IndieBio has created for the California life science industry to the East Coast. New York is a great hub for life sciences research and financing, and will be a natural center for life science startups.”

SOSV created the world’s first life sciences accelerator in 2014, and in the past five years has backed nearly 200 life science startups with a combined valuation of over $3 billion, raising more than $700 million, and employing over 2,000 people. This number includes pioneering deep-tech startups like Memphis Meats (cellular agriculture), Prellis Biologics (human tissue engineering), Synthex (cancer therapeutics), NotCo (plant-based animal-free food products), and Perfect Day (milk without the cow).

Sweetening an already attractive deal – Up to $2 million per therapeutics startup

SOSV’s IndieBio already has the most competitive terms in the industry, funding 20 to 30 life science startups each year in their program with $250,000 in exchange for a small equity position in the teams. With IndieBio now in New York and San Francisco, SOSV will double the number of startups funded and will also trial a therapeutics track that will fund up to $2,000,000 per startup accepted into the program. This will be the first time an accelerator anywhere has offered such a cash-rich package of benefits.

“We’ve seen a lot of success with our therapeutics startups already,” said Arvind Gupta, SOSV General Partner and founder of IndieBio in San Francisco. “Yet therapeutics companies often require more animal and safety studies in order to de-risk the startups for later-stage capital and unlock huge value creation. We want to see what will happen to our deal flow by offering up to 8 times the capital for an initial group of startups.”

Upon success, IndieBio will expand the therapeutics funding track to as many as 12 therapeutic startups per year across both San Francisco and New York. Therapeutic startups in the program will receive up to two years of wet lab facility, coworking space, and mentoring access to on-staff PhD scientists. SOSV will be building out a 24,000 square foot lab and co-working space for their NY-based startups, more than doubling their space in New York City as part of this expansion.

Solving Global Challenges With Hands-On Support

SOSV invests over $10 million annually in infrastructure — building out and running wet labs, electronic labs, and mechanical facilities, in addition to  offering on-site support teams of dozens of experts, engineers and PhD scientists. The benefits of these programs help startups with accelerated product development and increased access to an ecosystem of corporations, investors and over 1,000 specialized mentors.

“This year nearly $1 billion will go into SOSV-backed companies from VCs and corporate investors,” said O’Sullivan. “On top of the $65 million SOSV invests directly into our startups every year, SOSV’s deep-tech startups are getting huge funding leverage from our syndicate of VCs, angels and corporates.”

SOSV closed the $277 million SOSV IV fund in December 2019. From this fund, SOSV both provides accelerator funding as well as provides post-accelerator follow-on funding of $200k to $2 million per startup, per round, for all startups which go through SOSV programs. 

Call for Applications Solving for Human and Planetary Health

Startups can apply for IndieBio New York’s first cohort until March 1st, 2020 at The program kicks off in April 2020.

Additional Portfolio Highlights

In the life sciences arena, SOSV invests in human and planetary health, as an early investor in plant-based foods, cellular agriculture, computational biology and regenerative medicine.

SOSV is a pioneer in ‘clean food’ and cellular agriculture with investments in Geltor (animal-free collagen), Clara Foods (egg proteins), and Abbot’s Butcher (plant-based meat). SOSV was the initial investor in Jungla (A.I.-driven genomics), acquired in July 2019 by Invitae (Nasdaq: NVTA).  

Therapeutics has always been the core application of biotech, and SOSV has remained one of the industry’s most active funds, investing in cancer therapeutics (Filtricine, A2A Pharma), new modalities for autoimmune diseases (Diadem, DNA Lite), regenerative medicine (Membio, BioAesthetics), and gene delivery (Serenity).

About the IndieBio New York program

IndieBio New York has been created with the support of New York State’s Life Science Initiative, administered by Empire State Development. New York State will invest up to $25 million over five and a half years in support of IndieBio’s work connecting life science entrepreneurs with the tools and resources needed to move their discoveries out of the lab and into the marketplace. The Partnership Fund for New York City will invest $10 million into the startups coming through the program. SOSV also plans to invest an additional $60 million or more into the IndieBio New York startups. 

The program will work alongside New York’s leading academic institutions to commercialize both local and global inventions. Startups funded by IndieBio New York must relocate to New York for the duration of the program, and can leverage the extensive resources of the east coast life sciences industry.

About SOSV

SOSV manages over $700 million with a portfolio of over 900 startups. Managing Partner Sean O’Sullivan created the firm in 1995 after the IPO of MapInfo, the startup he co-founded that pioneered street mapping on computers. In 2010, SOSV opened Chinaccelerator, the first accelerator program in China, and was the first to create accelerators in hardware (HAX) and life sciences (IndieBio). Today, the firm has eight general partners amongst a 110-person staff across nine locations in the US, Europe and Asia.

In both 2018 and 2019, three of SOSV’s startups were selected each year as creators of the Top Inventions of the Year by TIME Magazine, a feat unparalleled by any Fortune 500 company or any other VC. 

For further information:

“The $100 Trillion Opportunity”

Arvind Gupta, Managing Director & Founder of IndieBio:

Meeting the challenge of climate change is commonly characterized as a tradeoff with industrial economic growth. In order to save the planet, we have to reduce consumption, and we have to stop production, and we have to give up behaviors we’ve long been accustomed to. The party’s over. In the conventional framing, both planetary health and declining human health are inevitable suppressors of economic activity.

In a three-part series of articles, hosted on Medium, IndieBio founder Arvind Gupta argues the opposite. He believes that the technological shift that will be forced on the economy by the twin catastrophes of planetary and human health comprises the greatest economic opportunity ever. Biotech is the technology that will drive this change, and those with the better biology will win this growth.

IndieBio modeled the global economy 25 years from now, in 2043, by industry. Just as the economy doubled between 1971 and 1994, and then doubled again from 1994 to 2018, it will double once more by 2043, adding $100 trillion to global GDP. But to achieve that, we will have to reinvent manufacturing and production to lower our demand of the planet’s natural resources.

Many have long declared there’s an economic opportunity in sustainable technologies. But nobody has ever put such a large figure on that opportunity — orders of magnitude bigger.

Read the series on Medium:

The $100 Trillion Opportunity

Designing Science

Accelerating Planetary Health

The Most Incredible Technology You’ve Never Seen

Guest post By Bryan Johnson, founder of Kernel, OS Fund, and Braintree

Saving the world (or some subset of people in it) is in vogue among the world’s wealthiest.

Jeff Bezos has a rocket company, Blue Origin. Bezos believes our future is extraterrestrial, and his rocket company exists because he thinks the price for getting anything off this rock is too damn high.

Bezos is not alone. Elon Musk is also building huge, reusable rockets. He wants to see humans fly to Mars, initially on a lark but eventually for forever.

This type of long-term thinking about the future of our species coupled with serious investment is important. But Bezos and Musk (and most other investors) are missing the most significant — and smallest — technological opportunity to save humanity.

No one has captured this tech blindspot better than my friend and Ginkgo Bioworks Co-Founder Jason Kelly. He did it by showing an image like this:

“What’s the most advanced piece of technology you see on this desk?,” Kelly asked his audience. The correct answer is in green.

A $4 houseplant is one of the most astonishing objects ever assembled. It’s a biodegradable, carbon-capturing, self-replicating, solar-powered work of art. Have you ever bought an electronic gadget that even comes close?

The mind-bending fact that a common shrub is more advanced than the latest MacBook Pro is overlooked by almost everyone. We fail to see it for a simple reason: the coolest parts of a plant can’t be seen. Not with the naked eye, at least.

It’s at the molecular level that plants fix CO2, soak up sunlight and churn out nutrients that we can eat. Way down at the level of atoms and molecules, the most mundane living objects are doing things that our best engineers can only dream of.

Small solutions to big problems

Humanity faces enormous, imminent challenges. The way we use energy is poisoning the planet, we are on track to use up many of our most important non-renewable resources, and we are ill prepared for the next inevitable global pandemic. And that’s just a small sampling of the challenges we see coming; there are dozens more around corners we can’t see around.

Major advances in deep tech – the marriage of hard sciences and emerging technology –  is going to be critical if humanity is to survive these challenges and thrive, but most of the money in the world is maintained or managed by people who do not have formal scientific training. For example, just 5% of the Forbes richest 400 people have formal scientific training. Most therefore invest in things they’re familiar with, like real estate, software and finance.

I founded OS Fund to support the scientists entrepreneurs bringing deep tech to market; leveraging hard sciences and technology to rewrite the basic operating systems of our world. Atoms, molecules, genes and proteins can be designed like never before. The biological world has already demonstrated what’s possible on this scale — if we’re going to aim big as a species, it’s time we think small.

At OS Fund, we don’t invest in particular problems. Instead of trying to solve energy or climate change or the spread of disease, we invest in the foundational technology that could be applied to solve all problems. In the same way that early computer companies like Intel, Apple and Microsoft helped spawn the modern era of computing, we aim to do the same thing with atoms, molecules, organisms and complex systems.

The scientists at Ginkgo Bioworks, one of the first companies in the OS Fund ecosystem, are charting their way by designing bacteria that puff out perfume, crops that fertilize themselves, gut microbes to make medicine, and much more. With three highly automated foundries up and running, the company is poised to upset almost every industry you can think of.

Arzeda, another OS Fund company, is using computers to design new genetically-encoded nanomachines, otherwise known as proteins. Although most of us know proteins only as food, these intricate biological objects actually do almost all the work needed to keep cells alive. Designing new proteins from scratch will let humanity play by biology’s rules, meaning we can design our way to better food, fuels and chemicals in the greenest way possible.

Another OS Fund company rewriting our world is NuMat, where they’re  arranging atoms in MOFs (metal organic frameworks) to create the most powerful sponges you’ve never heard of. NuMat works at the intersection of high-performance computing, chemistry, and hardware systems to design and manufacture materials that can filter non-renewable material like xenon out of thin air.

But wait, I can hear you thinking, isn’t AI going to eliminate the need for this kind of innovation?

That may be the grandest challenge of them all. How are we as a species going to thrive in a world where artificial intelligence can do more even than our best minds? The answer again requires innovation at the molecular level.

I started Kernel, a neuroenhancement company, personally investing $100M, to help ensure that humans and AI evolve together. We are working at the bleeding edge of neuroscience, solid-state quantum devices, materials science, and photonics to develop the science and brain interface products to allow people to bring their brains “online,” and use that data to radically improve themselves. Radical human cognitive improvement is a requirement if humanity is going to thrive in the future we are barrelling toward. We are a few tools away from an evolutionary leap; what’s on the other side of it is beyond what we can possibly imagine.

Investing in huge rockets, brain interfaces and tiny molecules isn’t actually that different. Developing a green global economy and exploring beyond our pale blue dot are complementary — not competing — visions of the future. It’s time investments in our future here on Earth get the attention and scale afforded those focused on our future in the cosmos.

New Age Meats: Leading a Cultural Shift in Protein Production

Cell-based meats, or clean meats, can alleviate pressures on the environment, end animal suffering, and produce sustainable protein for the growing world population. Yet, we are still far away from making cell-based meats a reality due to technological challenges. New Age Meats is tackling these challenges with automation and data to accelerate product development and bring pork sausages to market sooner. We chatted with Brian Spears, CEO of New Age Meats.

How did you become interested in the cell-based meat field?

I left my last company because — although it was extremely interesting, with great customers and cool technology — it wasn’t having a tremendous social impact. I’ve always believed in having a social impact mission. During my time at that company, I started other nonprofits, but they typically got the dregs of my time and energy. So, my conviction has been that your company should be a vehicle for how you see the world. I sold my ownership of that company, I’m still on great terms with my former co-founder, but I needed a technology or industry that was benefiting from this three-way collision of what I’m really good at, what I really care about, and what the world needs. I looked at industries that were making transformations to make the world a better place, and the more I learned about cell-based meat, the more it excited me.

Cell-based meat simultaneously solves big problems around the environment, human health, animal welfare, and food security. It’s also just really cool. It’s what we’re eating for the next century, what we’re eating in space stations, and on Mars. The more I researched it, the more I just thought it was amazing. I became involved with the Good Food Institute (GFI) and New Harvest in early 2017 and learned a lot about the space. GFI has an entrepreneur forum to meet potential co-founders. I started to look for co-founders, and that’s how I met Andra.

What are you building, what’s exciting about it, what’s your company focused on, and what’s special about it?

We make meat from animal cells instead of animal slaughter. We work on pork, which we chose because of the massive amount of research that’s been done on pork cell lines. There’s no animal that we consume in mass that has had more research done on it than pork.

Our big differentiator benefits from our team’s background: automation and data science. I have 12 years of industry experience automating deep research labs like NASA, US national labs, the Canadian Research Council, and the University of Texas. In those cases we put in hardware acquisition points to acquire more data and then assemble the data to make data-based decisions. Essentially that’s how you make research faster, and how you uncover connections that you didn’t know existed previously. So that’s on the deep research side. On the product side — with customers like Cisco, 3M, and GE — we ask, how do you then take that research and make products better and faster? How do you accelerate the pipeline from R&D to production?

We actually started our life as a company together in November — as a horizontal company. We looked at the industry and evaluated where we could provide value. We talked to probably 150 people in existing cell-based meat companies, as well as academic researchers and nonprofit advocates. We found that people liked our vision of how to engineer biology using data science and automation, but as an incremental improvement, they didn’t see that it was pivotal to their success.

Andra’s degree from the University of Oxford is in interdisciplinary biosciences, so she took a lot of courses in engineering, statistics, math, and hardware acquisition in order to understand all the tools that she could use as a biologist to do better research.

Despite our backgrounds, when we approached companies, they just didn’t catch our vision. We were also looking at all the other companies that were providing technology and tools for human tissue engineering — like cell lines, the scaffolding, and the bioreactors. We were evaluating their capacity to re-engineer their technology to come into our market, because if they were well poised to do that, then that’s probably not a place we would provide unique value. We took a full view of the R&D to product pipeline. With this understanding and with our unique differentiators, we saw that we worked best as a vertically integrated company. So in April, we decided to deliver pork to people using our technology.

If you succeed, how do you think you will change the food industry landscape?

We can make tastier, healthier, and more sustainable meat. The way that meat is made now is kind of a race to the bottom. There is an appetite for really cheap meat. You have industrial animal agriculture that is creating more and more negative externalities for the world: climate change, deforestation, species lost, human health concerns like antibiotic-resistant infections, concentrated animal feedlots or feed sheds, which means poor animal welfare. We can change all that.

There’s only so much you can engineer an animal to give you different tastes, textures and food experiences. With cell-based meat, we control the entire environment in which we grow our cells. This means we can start with the perception of how humans enjoy meat, and then craft our meat to deliver new, interesting, better experiences. We can also take away a lot of the negative human health aspects I mentioned before. This world of cell-based meat is obviously much better for animals. They will be able to live their own natural lives.

What are the lessons learned coming from your old company to New Age Meats as CEO?

My last company was a bootstrapped company, and we took no outside investment. So from the very beginning, we had customers and we grew in accordance with their demands. If we had a big customer pulling us in a certain direction, it made sense for us as a business to go in that direction. We were constantly changing in order to adapt to our big customers, because we were so driven by these short-term returns on investment. This meant that sometimes we traded a clear vision for the future of our company with short term gains. And then when those customers suddenly canceled a contract because they had cutbacks, we were stuck with a product so tailored to their use case that we couldn’t use it with other customers without extensive rework.

I have a friend outside of Silicon Valley, in Chicago. We were recently chatting and he started to poke fun at Silicon Valley companies, saying that we don’t actually care about money or return on investment. We just care about these crazy ideas.

I’ve learned so much in the past two years moving into investor backed startups. In Silicon Valley, investors want me to come in and say, “Hey, the world currently looks a certain way, but it doesn’t have to. I see the way the world can be, and I see a pathway for my company to come in and be the catalyst to make it that way. So, after the existing ecosystem is disrupted, we’ll be the one standing there in the new future.” They want to give me the money so that I can follow that vision and not be pulled in different directions, and in so doing, make a product that changes the world.

In the short term, what are the important milestones and achievements you’re looking to hit as a company?

We’re raising 3 million dollars for a seed round. We have five scientific milestones that we’re going to hit, and we have seven business and product milestones. The science milestones include making progress on the cell lines and the infrastructure with the bioreactors. Then on the business/product side, we ask, What do our customers want? What is it that we’re delivering to them? And how do we make tastes and experiences that speak to them?

That leads to product definition. What is in the product that we’re going to make? When we make our bioreactors or cultivators, what will the production facility look like? And then, what is the experience the consumers are going to be having? We’ll design all of that, so that when we go to Series A, will be able to execute on that plan.

We are leading a cultural shift. People have been increasingly eating animals from factory farms. We’re going to change that. We’re going to shift consumption to meat that’s tastier, healthier, and more sustainable. To do that, we’re having that conversation with the public early and often.

Watch New Age Meats pitch on IndieBio Demo Day, Tuesday Nov. 6th in San Francisco or via LiveStream. Register here!

NovoNutrients: making food from CO2

As the world’s population continues to balloon, demand for seafood is going with it. Aquaculture is the primary method to meet demand, but relies on feeding billions of small fish to larger fish. A process that is inherently unsustainable and is only getting worse as ocean fish supply dwindles. NovoNutrients is looking to solve this problem with a radically different approach, growing high-quality bacterial protein from waste Carbon Dioxide.

I chatted with David Tze, Co-Founder and CEO of NovoNutrients about his origins, problems in the aquaculture industry, and how they plan on disrupting the feed market.

How did you first become interested in aquaculture?

I first became interested in aquaculture by reading an article in Wired magazine. It was the May 2004 issue and there was a story about the blue revolution, which was the first time I saw the pioneering work being done in offshore aquaculture. More importantly, it was the first time I really saw the supply and demand trends in global seafood. An exploding middle class was demanding a huge increase in seafood supply and aquaculture was the only way to meet it.

So you got interested in aquaculture, but how did you transition to NovoNutrients?

It was a quite a long journey for me in that the introduction to aquaculture was in 2004 and I didn’t meet NovoNutrients’ inventor until 2017. So, during those thirteen years, the first company I started in aquaculture was actually an investment management company. I had been working in the early days of the commercial internet and it wasn’t clear how I was going to get into the aquaculture business. It wasn’t until a colleague came to talk to me about another entrepreneurial opportunity and we unexpectedly realized we had independently developed an identical interest in aquaculture. He’s a very successful serial entrepreneur named Jared Polis, now the Democratic nominee for governor of Colorado.

I started as the aquaculture investing arm of his family office. About a year later we formalized it into a venture fund, brought in outside limited partners, and rolled some of the investments we’d already made into the fund. For about twelve years, I built up this small portfolio in the aquaculture value chain that included feed ingredients. This put me on the path that led me to encounter NovoNutrients in January of 2017.

When you met NovoNutrients, what really stood out and what was the hook for this company?

There are really three important things about the company, two of which were things that I was looking for and the third which really surprised me in in a positive way. It was a company that was focused on producing protein for aquaculture and also taking the microbial approach. Knowing that the smaller simpler organisms are generally better at growth and at using inexpensive feedstocks, that was clearly the right approach. The pleasant surprise, which I later discovered, was that NovNutrients was making their protein for aquafeed largely from untreated industrial emissions of CO2.

CO2? That blew my mind. Partially because of the sustainability angle and the part it could play in creating carbon negative feeds to help address climate change, but also because, in my previous experience with a portfolio company doing a feed ingredient, one of the main challenges is inconsistency in the supply of feedstocks. That previous company used beer brewing wastewater as feedstock. It was surprisingly variable in quantity, quality, and contaminants. On the flip side, these carbon dioxide streams were going to be much more voluminous, consistent, and cheaper. It very compelling, and I got on the phone immediately, launching into the first real conversation in what would be a long series of calls and visits leading up to me coming on board as CEO. We announced my role in early October of 2017, at the SynBioBeta conference.

You touched on bacteria and untreated carbon dioxide. Could you give us a quick walkthrough of what is it that NovoNutrients does on the technology side?

The big picture is that what we do is a lot like making wine. In winemaking, it’s yeast taking up the sugar in grape juice, as the source of carbon and chemical energy, and using that to reproduce and grow. In our case, it’s a little bit different, in that we use bacteria. Our carbon source is untreated industrial emissions of CO2. Our energy source is hydrogen.

For NovoNutrients, the product is not a waste stream of the microbe, which is the case for alcohol from yeast, but rather the bacteria themselves are the product. These are bacteria that are naturally high in protein and other nutrients, so if you dry them out, they become a protein meal with ideal characteristics for feeding to fish and other animals. Our technology encompasses this entire chain of activity, but the part we’re especially proud of, and that we think is ultimately going to be the most valuable, is the consortium intellectual property that we have developed. This design sits at the middle of our process and is the interface between these inexpensive feedstocks and this valuable mix of microbial protein.

What’s the efficiency of this process? Can you really produce the huge amount of protein needed at scale for aquaculture to feed so many people?

The first thing to know about scale is that to make one ton of protein meal, we need two tons of carbon dioxide.

The second thing to know is the scale of carbon dioxide availability. A large cement plant can produce 4 million tons a year of carbon dioxide, potentially to be used by us to produce 2 million tons of protein meal. This would be just more than a third of the current global supply of high-quality protein meal that we’re looking to replace, called fishmeal. Fish meal is made when you catch small bony, oily fish and grind them up then press them out into a protein component and a fat component. That’s your fishmeal and fish oil. Fishmeal is an extremely valuable ingredient that goes in not just fish feeds, but also feeds for pigs and chickens. It is currently valued at more than $1,500 a ton.

Our technology is extremely scalable, not just within the needs of aquaculture, but in a world where several billion tons of meat are raised every year, there’s a huge opportunity for high-quality proteins.

You’re talking about meat, not just fish, is this a protein that can expand beyond aquaculture?

Absolutely. Fish are the pickiest eaters because they’ve evolved for hundreds of millions of years in the ocean to eat other things that are in the ocean. The big fish that people like to eat are eating small fish, so they require this very high protein diet with a dramatic range of amino acids. So their nutritional needs are really a superset of the nutritional needs of terrestrial agricultural animals, like chickens and pigs, or for that matter, a person.

We think there will be a significant customer base among today’s food tech companies who are currently buying proteins from the pea or lentil industry but are really interested in having the highest quality proteins at the most reasonable cost. Once we’ve started satisfying the animal nutrition market, we’ll talk to some of the movers and shakers in the world of human food.

How was your transition from aquaculture investor to CEO of a biotech aquaculture feed company?

Even as a hyper-focused investor one is still ultimately something of a dilettante, in that you have to be familiar with the full gamut of companies and technologies. It’s quite different to wake up in the morning with all my focus on one company. As a non-scientist, I had to learn a significant amount of science to keep up, even fractionally, with my fantastic technical co-founders who are in the lab every day. Besides the difference in focus, it is very different to be involved in the management of a company instead of being on a board. At the board level, you’re essentially coaching executives and advising them on strategic decisions. When you’re an executive, it’s a whole different slate of activities and I found it extremely rewarding to actually be in the mix instead of just commenting from afar.

There’s a much greater sense of teamwork and inter-reliance on your team. It’s also nice to be in a position to go out and communicate the opportunity and our progress, as well as get advice on challenges, as opposed to always being in the position of evaluator and advisor, which is not fundamentally how I see myself. I think that my new life as an entrepreneur is a better match for who I’ve always been.

How do you think NovoNutrients can transform the agriculture industry or at a greater scale the, the food production industry?

I close our investor pitch with the line “make a billion tons of food from 2 billion tons of CO2.” That’s really the kind of scale this technology has the potential to develop into. It can be a gigaton solution for our oceans, climate, and food production systems. That’s because we’ve intentionally chosen to work with some of the largest resources on the planet in terms of gaseous carbon waste. That’s billions of tons every year. As for hydrogen, that can be made from renewable power.

We’re talking about building a new pillar of the food system that’s decoupled from both agriculture and fossil fuels. If the industry is producing CO2 and there is a source of clean power, then producing electricity for the electrolysis of water to make hydrogen allows us to scale up to an extremely large facility while we replicate that facility many times on each continent.

We’d aim to be in a position where we can fundamentally bring down the cost of food and increase its availability worldwide.

What big milestones are you and you and the company aiming to hit in the near future?

Our next big milestone is to scale to 500-liter bioreactors, to address early adopter specialty markets. Our other milestone is developing our synthetic biology platform. One of the incredible things about our workhorse bacteria is that they’re genetically tractable and culturable. And so these bacterial models have tremendous potential to produce biochemicals with between five and 100 carbon atoms in the molecule. The first place to go with that will be that same aquaculture feed market that we’re working on with our NovoMeal protein. This allows us to go beyond protein and address many of the other needs in the animal nutrition space.

Watch NovoNutrients pitch on IndieBio Demo Day, Tuesday Nov. 6th in San Francisco or via LiveStream. Register here!

Terramino Foods: Fungi as an Alternative Protein

Killing an animal and eating its flesh is not the only way to gain protein. Now more than ever, we need alternatives to conventional animal farming and fishing—not just because of animal welfare, but for human and environmental health. What’s happening now is not sustainable.

Terramino Foods uses fungi as a complete protein source which acts as a seafood alternative. Described as healthful, protein-rich, sustainable, ethical, and delicious, the company is working to help people reimagine meat and seafood with fungi, that has the proper taste, texture, and nutrition. We asked the company’s founders, Kimberlie Le and Joshua Nixon, more about their mission:

How did you become interested in science?

I don’t think either of us can remember not being interested in science. We think that science can be boiled down to just being curious and seeking answers about things around us.

When did you decide to start a company, and where did your team get together?

We started Terramino about a year ago upon completion of the alternative meat lab program at UC Berkeley which supports and helps scientists and engineers build a better food system through fixing the problems with animal agriculture/meat.  

How does your technology work?

We use fungi as our alternative protein source that creates well textured, nutritionally similar, amazing tasting seafood and meat products. We are starting with salmon and seafood products which have increased human and environmental health concerns.

What lessons did you learn transitioning from science to entrepreneurship at IndieBio?

We had already been quite immersed in entrepreneurship through UC Berkeley at the Sutardja Center for Entrepreneurship, however starting a company has been a learning experience in that there are always a million tasks to juggle and only a limited amount of time and resources. The biggest lesson we learned is that execution is the name of the game (thanks, Arvind) and our goal is build a transformative company that truly disrupts that way people consume meat and seafood.

How do you think your success as a company would change the seafood industry, and our environment?

We aren’t just going after seafood – we want to make a large impact on animal agriculture as a whole since it has detrimental impacts on human, animal, and environmental health. Our goal in the long run is to be able to provide a sustainable, nutritious, tasty, and most importantly accessible source of protein for every person on the planet.

What milestones are you aiming to hit in the near future?

We are going to be scaling up production in a few phases and making our processes more efficient to be competitive on price with seafood and meat products. We also want to work on formulation of a range of products that are delicious for plant and meat eaters alike, and all the picky eaters in between. Developing our product line and marketing/branding are also very important since there is a crucial education component to our products.

Watch Terramino Foods pitch on IndieBio Demo Day, Tuesday April 17th in San Francisco or via LiveStream. Register here!

Finless Foods: Pollution-Free Fish, Thanks to Biotech

It’s an exciting time for the future of food, as technology has finally enabled us to grow meat without slaughtering animals. Finless Foods has applied a similar technology to produce fish from cells, creating a sustainable source of seafood. The company’s timing is crucial as our oceans are not only being decimated by overfishing, but also being heavily polluted with plastic and other toxic chemicals that move up the food chain to consumers. Supporting healthy, lab-grown fish that tastes like conventionally caught fish seems like a no-brainer, and the company has already been generating buzz from the media. The company’s co-founder and CEO, Mike Selden, shared more of their story:

When did you decide to start a company, and where did your team get together?

Brian and I first met at UMass Amherst where we both studied Biochemistry and Molecular Biology. We started our company in Brooklyn, during the summer of 2016, when we put some real serious thought into how inefficient and environmentally devastating the current food system is. We then brought on Dr. Robert Hughes and Dr. Jihyun Kim once at IndieBio.

How does your technology work? What will your product look like to a consumer?

Our technology takes a small sample of fish cells and grows them out quickly and cheaply to be eaten as a replacement for conventionally caught fish. To the consumer it will look like the fish they know and love to eat, but on the inside it will be very different. Our fish is a return to the traditional fish that people used to eat before we polluted the oceans. Our fish tastes the same but won’t have the mercury and plastic that people are eating through currently industrial fishing.

How did you become interested in biotech?

I became interested in biotech because I took a chemistry class in college as part of my neuroscience major and realized I loved chemistry. I switched to biochemistry and from there fell in love with all of the crazy applications. We’re currently going through a biotech revolution. It’s like the early days of the invention of the computer, but it’s happening again for DNA and cellular biology.

What was it like transitioning from science to entrepreneurship?

It was a very natural fit for me. I’ve always been more of a people person and big on talking about big ideas. A history of political activism has trained me how to work with others and explain my ideas effectively. This has proven invaluable as an entrepreneur in a million ways, and I’m finding new ways every day.

How do you think your success as a company would change the food industry, and the world?

We will create a healthier, cheaper product with a steadier supply chain. A lack of affordable delicious healthy protein is a food justice issue, and we will solve it. We will remove the need for trawlers to destroy ocean ecosystems, and for giant fish farms to pollute waters used for centuries by local fishing populations. This will not only remove cruelty from the process, it will create something better for everybody and the planet.

What are the milestones you’re looking to hit in the near future?

We’ll very soon have our own custom cell culture media. Current media is extremely expensive, uses animal components, and is very variable batch to batch, making it unsuitable for industrial production. Ours will be cheap and animal-free as well as consistent, making our process easier and also viable as a commercial product.

See Finless Foods pitch at IndieBio Demo Day on September 14th in San Francisco or via Livestream! Register here.

Pictured above: The Finless Foods team.

Building Food Molecule by Molecule

Post By Ron Shigeta

Lessons learned in Biotech Food Innovation

Over our first four classes and 55 startups funded, IndieBio has built up a new class of food companies. We are so honored that AgFunder’s annual survey voted IndieBio one of the Top 3 most valuable’ accelerators in AgTech.

It’s been a lesson for us that biology can have such an impact on food. About a quarter of our portfolio are food and Ag companies. which have many approaches to food but are each highly innovative. Together they have created a new philosophy of how to improve food quality, reduce waste, transparency and achieve eco-sustainability; Molecular Foods.

The impact on life sciences for food up to now has been quiet but pervasive. Nearly everything we eat is checked for quality and nutritional content. The protein content of seafood (which breaks down as it gets old), the gluten and protein content of grain (which varies depending on how its grown and stored), the melting point of fats and dozens of other tests are run on food coming in from producers and wholesalers worldwide. Now verification is becoming an issue — DNA sequencing is showing that the species of one in three fish sold is not as advertised.

Over nearly 60 years of intensive development in making pharmaceuticals, assisting cutting edge R&D, the tried and tested staples of life siences can impact a market like food (and others). Life sciences is allowing for high end quality while scaling to feed us affordably. Producing food while understanding each molecule in it, Molecular Food writes food quality instead of just reading it.

“Molecular Food doesn’t just read food quality, it writes it.”

We’ve funded several approaches to Molecular Food. Also surprising has been that all of the food solutions we’ve funded heretofore are non-GMO and most can be organic/biologique. Here I describe five types of food innovation we have participated in as Molecular Foods to try to

Next-gen plant-based foods

These companies make foods we know and love using ingredients only from plants. Following ambitious companies like Hampton Creek and Impossible Foods that thoroughly produce the foods we want to eat but without expensive animals.

By combining proteins, fats, carbohydrates etc from different sources, foods with the same texture, mouth feel — the same experience — are created. New experiences that cannot be gotten any other way are also emerging.

Plant ingredients are less resource-intensive and have much fewer issues with bio-contaminants like Salmonella and E. coli. Eating plant based foods is healthier overall and that’s why the demand is outpacing the overall market for these foods.

Clean meat

The trillion dollar North American meat product is another target for better transparency and quality. Memphis Meats produces muscle cells directly for meat products, producing the cellular structures that give meat its full satisfying texture. All with a fraction of the resources and cost.

Brewed foods

Geltor and Clara Foods use yeast strains to brew up protein based foods like gelatin and egg whites. Working with them was an amazing experience. Tasting these foods coming out of fermentation like you’d find in a brewery, not only were they the familiar experience you’d experience but the ability to control the quality was a clear advantage. The ingredients are made and ready to use in hours; all of the inputs and the purity coming out are documentable with consistency that you can see. This will cut down on opaque and sometimes global supply chains that make much of our food today.

Understanding of taste, memory, and experience

Later companies include Ava Labs, GEA Enzymes and MiraculeX, which take a fresh look at wine, fats, and non-sugar sweeteners respectively. Each can create the experience of foods. Ava Labs has been creating better and better wines from the molecules that make it up. Among other possibilities they may become a historical repository for vintages which Ava Winery can help recall and reproduce rare tastes that change over time and are eventually lost forever. Later this week GEA Enzymes will present the worlds first fully liquid dark chocolate — an espresso like experience that has the full range of tastes of an exclusive dark chocolate without the dry and crumbly mouth feel.

Along the supply chain from farm to table

We have also worked with AgTech companies that have a strong biotech foundation. EnduraBio has a natural plant extract spray that cut the water consumption of a crop plant in half in a test they did with us. AstronaBio produced a 20 minute test for food pathogens, replacing a 3 day testing cycle. Pure Cultures and Animal Biome are unravelling tangle of the microbiome and producing products that work; a feed supplement that replaces antibiotics and a treatment for severe diarrhea in companion animals respectively.

“Molecular Food” is certainly an idea in progress, but the potential to fix security, waste and consistency in the global supply change has been an exciting realization that will mature in the near future.

Join me for the Future Food-Tech summit in San Francisco March 29-30.

Use the code INDIE300 and get $300 off registration.

Disrupting Seafood, Not Oceans: an Interview with Dominique Barnes of New Wave Foods

Disrupting Seafood, Not Oceans: an Interview with Dominique Barnes of New Wave Foods

As the population keeps growing, we are increasingly turning to our oceans to feed a hungry world. This pressure is leading to unsustainable practices that damage ecosystems and our health.

New Wave Foods is creating healthy and sustainable plant and algae-based seafood to meet this growing demand. I talked to the company’s CEO, Dominique Barnes, to learn more about this issue, her team’s expertise, and how New Wave Foods can change how we eat. Check out her pitch live on February 4th on IndieBio’s Demo Day Livestream!

A: Tell me about your background, how did you get interested in the biotech space?

My background is in Marine Conservation and hospitality. I saw biotech as a way to solve overfishing pressures on our oceans.

A: What problem are you working to solve with your company, New Wave Foods?

We’re working to solve the global issue of feeding over 10 billion people by 2050. The current seafood supply chains are riddled with unsustainable practices. The growing demand for fish, which has surpassed beef, is putting pressures on suppliers to find ways to produce more. There’s also a big lack of transparency in the seafood industry. As a result, consumers don’t really know what they’re buying, and that it is not as healthy as they’re led to believe. It’s also creating massive social injustices where slave labor is being used to meet demand. We saw all these problems and wanted to find a way to supply the world with sustainable, ethical, healthy, and delicious seafood.

A: If you could only pick one thing to validate your reason for forming a startup, what would it be? In other words, what would be the single biggest indicator to you that you are doing the right thing?

D: Sales. Seeing people buying this new sustainable product would be huge validation. I’m from Las Vegas so it would be great to see a shrimp cocktail made from our products. Eventually, I’d love to see an all you can eat seafood buffet that’s all made by NWF.

A: How do you think success can change your industry?

D: Increasing awareness of all the issues with our current food supply. We can create a product that’s better than what’s being offered in a manner that’s good for consumers and the planet. We want to make it easy for people to make the healthy choice for themselves and the planet.

A: How is your team uniquely able to tackle this? What’s the expertise?

D: I have extensive knowledge, background, and a passion for marine life and conservation. It’s always been my life’s goal to do something that benefits our oceans. After earning a master’s in Marine Biodiversity and Conservation, I saw that entrepreneurialism was a way to solve this problem and make a positive impact. Michelle, my co-founder and CTO, has a master’s in material engineering from Carnegie Mellon, which is vital since this is really an engineering problem of texture. How do yo use materials like plants and algae to build seafood? She uses her expertise and knowledge to make great products. We have really complementary skill sets that balance each other out.

A: Any big lessons learned transitioning to startup entrepreneurship?

D: Flexibility is the word that comes to mind. You can’t be rigid in your thought process or path. It’s important to be open and listen to a lot of different opinions and advice. Though ultimately it’s your decision, so be true to what you set out to do.

A: What’s the biggest challenge you’ve encountered so far?

D: There are so many when creating a startup. The biggest challenge here is getting people to accept algae as a food since it has a negative connotation in the food world. We have to educate people that algae is actually a big reason why our seafood is healthy, sustainable, and delicious.

A: What are the big goals and milestones you’re looking to hit in the short term? Long term?

D: Short-term we’re moving into collaborative kitchens and getting our product to local catering companies that we’re working with. In the long term, we want to be in grocery stores nationally and internationally. So scaling our product to get to that level in the next 5 years.