Announcing Our New Funding to Build Biomanufacturing Infrastructure
Using capital to address the severe production capacity bottleneck fermentation companies are facing to grow and scale
We are pleased to announce that Synonym recently raised a $6.3 million pre-seed round of capital. Andreessen Horowitz (a16z), Giant Ventures, Blue Horizon, Thia Ventures and other venture funds active in decarbonization were part of the raise. This investment strengthens Synonym for the foreseeable future and allows us to continue, heads down, running hard to fully realize our vision to accelerate the world’s biological future by developing, financing and building commercial-scale biomanufacturing facilities.
We believe that biology is the key to unlocking better products for society — better food, fuel, medicines, materials and more. Biomanufacturing will not only improve the products we currently have, but also drive substantial societal and climate impact. As biology becomes a default mode of production, it will help drive decarbonization, slow biodiversity loss, reduce air and water pollution, preserve natural resources and produce food and goods for more people with fewer resources.
We also believe that scale is the biggest barrier to this biology-driven future. There are many companies using biology to make game-changing products from alternative food proteins to biomaterials to biofuels and they all face a similar and seemingly intractable problem: their bioproducts will only reach market acceptance if they reach near cost parity with prevailing products. Cost of these bioproducts is a direct function of scale and scale is only possible with enough capacity that today doesn’t yet exist to meet future demand. Financing for this capacity, in turn, has been nearly impossible because bioproducts don’t yet have a market foothold — a result of their high-cost.
Because of this, we believe now is the moment to build, develop and finance the infrastructure that delivers this biology-driven future! We are just getting started on this journey and look forward to sharing more updates with the world in upcoming months.
For the full press release, please see below.
SYNONYM ANNOUNCES $6.3 MILLION PRE SEED FUNDING TO BUILD STANDARDIZED FERMENTATION INFRASTRUCTURE FOR BIOMANUFACTURING INDUSTRY
Launches Facility Development to Address Capacity Bottleneck in Biomanufacturing
NEW YORK and BERKELEY, CA — October 14, 2022 — Synonym Biotechnologies, a financing and development platform for biomanufacturing, announced $6.3 million in pre-seed financing from Andreessen Horowitz (a16z), Giant Ventures, Blue Horizon, Thia Ventures and other prominent venture funds active in decarbonization technology.
Synonym also announced it launched development for its first US-based “fermentation farm” — a productized, microbial fermentation facility. This facility, along with the network of facilities Synonym aims to build, will tackle the 1000-fold increase in production capacity needed to meet future demand for biomanufactured products.
“Biomanufacturing will be a core driver of 21st-century economic development, akin to how petroleum catalyzed so much of the 20th century’s growth,” said Synonym’s Co-Founder and CEO Edward Shenderovich. “In the last five years, the biomanufacturing ecosystem has exploded, and the products poised to come to market are revolutionary. But they cannot achieve that impact without the means of production at commercial scale and without appropriate forms of financing.”
Synonym is developing a new standards-based design for fermentation infrastructure that will make it possible for synthetic biology and other companies to massively scale production. In parallel, a standards-based approach will make it possible for capital providers to invest in fermentation infrastructure as a new asset class.
Synonym expects to make further announcements on construction, architecture, and other development partners in the coming months.
Related links: https://www.synonym.bio