Provectus Algae Raises $12.6M in Series A Led by At One Ventures and Grant Funding
NOOSAVILLE, Australia — Provectus Algae (Provectus) announced today that it has raised US$10.1M in Series A financing and an additional US$2.5M in grant funding from the Australian government. The round was led by At One Ventures and included Methane Mitigation, Mort & Co, and existing shareholders, such as Hitachi Ventures, among others. Tom Chi, Founding Partner of At One Ventures, will also join the company's Board of Directors.
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Provectus Algae programs algae to create category-defining bioproducts and sustainable industrial solutions. Through its proprietary Precision Photosynthesis® and artificial intelligence (AI) enabled biomanufacturing technologies, Provectus Algae discovers, develops, and produces algae products at scale, controlling the expression of target compounds for step-changes in productivity and cost of goods.
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The company's first groundbreaking product off its platform, Surf'N'Turf®, is an algae-based feed supplement for ruminant livestock that contains a seaweed proven to improve rumen digestion and reduce methane generation during enteric fermentation. 'Animal agriculture generates more emissions than any other industry, and Provectus Algae's high-yield production offers an economic pathway to substantially solve for these emissions while improving the livelihoods of farmers and ranchers,' said Chi.
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This raise provides Provectus Algae with additional funds to further scale Surf'N'Turf production, perform the world's largest pilot trials for such a product, and supply large quantities of the feed supplement to the market.
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'As one of Australia's largest lot feeding managers, Mort & Co has a responsibility to lead the way in finding effective methane reduction solutions for the commercial beef industry. The team has been actively involved in testing various feed additives as part of its ongoing commitment to improving sustainability and animal welfare. With the ability to scale production and tailor products for our animals and operations, we have partnered with Provectus Algae to conduct trials of their product designed to reduce methane emissions and increase cattle performance. Achieving increased performance alongside the reduction in methane will provide great opportunity for the industry and we are eager to be a part of this journey,' said Charlie Mort, Executive Chairman of Mort & Co.
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The Series A funds are complemented by support from the Australian Government's Industry Growth Program. The highly competitive 'Commercialisation and Growth' grant helps innovative startups and businesses with high growth potential that want to transform, significantly scale up, and build Australian manufacturing capability for the future.
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'I am incredibly proud of what our team has built despite challenging headwinds in the biotech sector. This milestone is a testament to our team's determination and their desire to deliver lasting advancements in sustainable biomanufacturing,' said Nusqe Spanton, Founder and CEO of Provectus Algae. 'With Tom Chi coming aboard and Mort & Co's strategic backing, our team has become even stronger as we scale the world's best methane-reducing feed supplement.'
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Provectus Algae transforms natural processes into scalable, carbon-negative solutions. Through its proprietary technologies, Provectus Algae has developed an end-to-end platform capable of taking algae-based bioproducts from concept to commercialization. By integrating research, development, and production into a seamless workflow, Provectus Algae enables sustainable biomanufacturing at scale, offering cost-effective and eco-friendly solutions across industries, including agriculture, personal care, and beyond. To learn more, please visit https://provectusalgae.com.
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