Algaeon Scores Big Funding
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Algaeon Inc. has secured a $2.75 million investment. The algae supplier also announced a strategic partnership with Heartland Growers in Westfield, which involves greenhouse space and infrastructure. May 12, 2014
News Release
INDIANAPOLIS, Ind. – Algaeon Inc., which produces high-value nutritional ingredients from algae for the human nutraceutical and animal/fish feed markets, announced today they received $2.75 Million in new investment in addition to forming a strategic partnership with Heartland Growers of Westfield, IN to provide greenhouse space and infrastructure.
Investments came from previous investors City Securities Corporation and BioCrossroads' Indiana Seed Fund II, as well as, broad participation from prior investors including significant European investment, as well as, a number of new investors including Bromet Capital Partners.
Paul DeLacey, Chairman and CEO of Algaeon indicated that an extremely important and significant achievement was the forming of a strategic partnership with Heartland Growers who own and manage 25 acres of first class greenhouses in Westfield, IN. This partnership makes available Heartland's industry leading greenhouse operations expertise and importantly the new relationship offers significant expansion capacity.
Algaeon, an early stage growth company completed three (3) previous rounds of funding for a total of over $2 Million. The purpose of this latest funding round is to build commercial scale production capacity. Algaeon will launch commercial production of its Astaxanthin product in June to fulfill a multi-year, multi-million dollar contract and will launch commercial production of its algae-based Beta glucan product later in the year. Algaeon's patented production technology sets a new standard in the industry for efficiency and overcomes the common industry challenges of contamination control and capital cost containment.
The growing demand for preventive health solutions is driving the need for innovative large volume supplies of nutritional products. Similarly, the growing demand for meat products world-wide requires higher production efficiency by using animal and fish feed nutrients that improve survivability, health and weight gain without the use of antibiotics.
Astaxanthin is a powerful antioxidant with benefits in the human market for eye, heart, brain and joint health and is a necessary nutrient for farm raised salmon. The second product, Beta glucan, is used in both the human and animal markets to promote immune system health. Demands in these markets are growing rapidly and nutrient suppliers are having difficulty producing sufficient quantities.
About Algaeon Inc.
Algaeon Inc. is an Indianapolis-based biotech company that has developed a breakthrough patented industrial scale algae cultivation technology. Unique high value products are currently being grown for leading companies in the Nutraceutical and Animal feed markets. For more information about Algaeon visit www.algaeon-inc.com
Source: Algaeon Inc.