Portfolio company Deakin Bio-Hybrid Materials Limited has raised £693,000 through an oversubscribed equity funding round.
The proceeds will be used to accelerate development and scale up of the Company’s low-energy processes to produce advanced bio-based materials as sustainable alternatives to ceramics. The fundraising valued DeakinBio at £2.69 million post money. Following completion of the funding round, Frontier IP holds a 24.8 per cent equity stake in DeakinBio.
The fundraising was led by Green Angel Ventures, which is one of the UK’s leading specialists in early-stage climate related technology innovation investments. The syndicate provides excellent access to added value that an investor can offer to an early stage or start-up company in this field.
DeakinBio’s technology creates composites by recycling organic waste such as chickpea broth or algae mixed with widely available waste minerals, such as crushed limestone. The resulting materials look, feel and behave like ceramics, but do not need to be fired or glazed at high temperatures. The technology can be used on existing mass-manufacturing equipment.
Initial applications are to provide alternatives to decorative ceramic tiles, helping to address the industry’s significant challenges with high energy prices and tighter emission regulations. Eliminating the energy consumption and emissions associated with firing and using recycled materials reduces the carbon footprint and reduces water consumption.
DeakinBio’s solution has a carbon footprint 94 per cent. lower than conventional tiles made on the same equipment and creates products with more than 95 per cent. recycled content.
Further applications for DeakinBio’s materials include a wide range of moulded ceramic like materials.
The Company was founded by Chief Executive Officer, Dr Aled Roberts, who holds a PhD in materials chemistry from the University of Liverpool.
Cam Ross, CEO of Green Angel Ventures, said: We are delighted to complete this investment in DeakinBio. The commitment of our syndicate to ground-breaking innovations in carbon reducing technologies is exemplified in the process being introduced by DeakinBio. It manages to recalibrate the entire production model into a circular system while also cutting carbon emissions.
Dr Aled Roberts, DeakinBio CEO, said: We are excited to complete the investment round with Green Angel Ventures. The money will allow us to scale up production with a tile manufacturer and begin commercial sales.
Frontier IP Chief Executive Neil Crabb said: The investment from Green Angel Ventures, a strong supporter of early-stage UK based climate tech, represents a clear endorsement of DeakinBio’s proposition and the rapid rate of development of the technology. We look forward to seeing commercial sales and production.
