Issue Date: May 5, 2014
Algal Scientific Raises $3 million
Biotech start-up Algal Scientific has raised $3 million in a financing round led by Evonik Ventures, Formation8 Partners, and Independence Equity. The firm says the funds will allow it to begin commercial-scale production of its algae-derived β-1,3 glucan for use in animal feed, aquaculture, and human nutrition. The polysaccharide, normally made from yeast, is said to have immune-system-supporting benefits. The algae-derived version can be produced at lower cost and is of higher quality, Algal says.
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