Shanghai biotech secures $80 million to advance products

23/06/2022 - 2 minutes

A bio-manufacturing company based in Shanghai has bagged $80 million in funding to advance its bio-based supplies. 

Mojia Biotech said it would use the funds to commercialize its Viridimin brand of animal-feed additives, scale up manufacturing capacity for Aliphane series of bio-based materials, advance its product pipeline and expand its global research and development capabilities. 

Mojia Biotech produces food ingredients and chemical materials using renewable carbon sources and green processes. 

Polymer sciences

Ansen Chiew, co-founder of Mojia Biotech, said: “Over the last decade, we have established a comprehensive R&D platform combining biology, chemistry, engineering and polymer sciences, accumulated hands-on experiences in large-scale bio-production and built strong global commercialization capabilities.” 

He said the company’s green technology is proof that it is possible to address the environmental pollution associated with the chemical industry while still achieving budget and performance superiority.  

He added, “We greatly appreciate visionary and like-minded investors like Temasek, Asia Green Fund, Bits x Bites and LYZZ Capital in supporting our mission for sustainable development and carbon neutrality.”

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Leading the funding round was Temasek with participation from LYZZ Capital, Sento Investment, existing investors Bits x Bites and Asia Green Fund, and other investors. 

Mojia’s bio-process consumes less energy and emits less waste and it uses this method to produce its own brand of vitamin B5, called Viridimin.

Tranforming

The company said it is committed to transforming the chemical and polymer space and is planning to bring a new facility into commission this month. 

The second product that Mojia Biotech aims to bring to the market is going to be an Aliphane series of biopolymer products, which it says is extremely versatile product with great potential in coating and adhesive applications. 

Joseph Zhou, managing partner of Bits x Bites, said: “Sustainable ingredient manufacturing is a pillar for a thriving green economy. With the recent delays and shortages in the global supply chain highlighting the importance to reduce reliance on raw material imports, we see huge potential for Mojia Biotech to apply its technology across different chemical ingredients, and to become a leader for next-generation green chemical production.” 

Cover image: Shutterstock

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