Penrhos Bio secures £1m to commercialise product in partnership with Unilever
Cleantech start-up Penrhos Bio has secured a £1 million investment with the support of St Andrews-based impact investment firm Eos Advisory.
The investment will accelerate the commercialisation of its patented platform technology, RemoraTM, developed in collaboration with Unilever, that protects surfaces against bacteria, fungi, and algae.
Founded in 2019, Penrhos Bio is already working with multiple corporate partners in industries including agritech, marine, renewables, and healthcare ahead of its first phase of commercialisation.
RemoraTM, is the result of over 10 years of development with research partners including a number of UK universities. It has been developed based on understanding how the biology of certain red seaweeds provides them with a natural protection against biofilms, keeping them healthy. The outcome of this research is RemoraTM, a technology that works in the same way as the biology that protects the seaweed and has the potential to be used in a range of applications.
Dr Jon Hague, chair at Penrhos Bio, and vice President for science and technology at Unilever, said: “Penrhos Bio is positioned to tackle some of the biggest societal and environmental challenges of the 21st century, with a unique technology which is near limitless in its applications, set to revolutionise a number of global industries.”
The next twelve to eighteen months will see the company move through the necessary regulatory approval processes alongside its commercial partners, with Penrhos expected to embark on a series A funding round from Q4 2023.
Professor Richard Hammond, CEO at Penrhos Bio, said: “Our story is one inspired by nature, with sustainability and the environment front and centre of everything we do.
“With the support of Eos and a number of private investors, we continue to build the business, grow our team with key hires, further our commercial partnerships, and navigate the regulatory environment ahead of commercialisation.”
Andrew Durkie, partner at Eos Advisory, said: “Richard and his team are on the verge of commercialising a game-changing technology capable of transforming efficiencies and sustainability across a range of sectors - it is precisely the kind of impact investment Eos was set up to support, and we look forward to supporting Penrhos’s progress over the coming months and years.”