Algal Scientific Completes $3 Million Raise for Biotechnology Commercialization
NORTHVILLE, MICHIGAN, April 28, 2014 – Algal Scientific Corporation, a biotech developer and
manufacturer of algae-based chemicals and a supplier of related technologies for the food and beverage
industries, today announced that it has completed a $3 million financing led by Evonik Ventures,
Formation8 Partners, and Independence Equity.
“The completion of this funding allows us to begin the commercial scale production and sale of
Algamune™, the company’s brand of algae-based beta-1,3-glucan, a valuable compound used in poultry,
swine, aquaculture and other livestock production, human foods, and nutraceuticals in order to support
a healthy immune system,” said CEO and Chief Science Officer, Geoff Horst. He explains “Beta-1,3-
glucan has been researched for years, but until now it has been too expensive for most livestock
applications. Our product can provide higher efficacy and consistency than ever before, with a lower
cost, and offers a real alternative to the overuse of antibiotics in food production. We are excited to
partner with our lead investors.
“Algal contributes toward sustainable animal nutrition,” says Dr. Bernhard Mohr, head of Evonik
Venture Capital. James Zhang, joining the board from Formation 8 added, “In order to meet the
demand of a growing middle class, China has an ever increasing need of meat and milk products. Algal
Scientific’s product is a great fit for China and other developing Asian countries.”
About Algal Scientific
Algal Scientific was formed in 2009 after winning the inaugural DTE Clean Energy Competition hosted by
the University of Michigan and DTE Energy (DTE: NYSE). Since then, the company has gone on to win
several other awards and competitions including the $500,000 Grand Prize in the Accelerate Michigan
Algal recently expanded into a new production facility in Northville, Michigan from its first headquarters
at the Michigan Life Science and Innovation Center.
In addition to the lead investors, participants in this financing included Envy Tech Fund I, the Michigan
Economic Development Corporation, the Michigan Pre-Seed Capital Fund, the First Step Fund and
private investors. For more information, visit www.algalscientific.com.