SQIM Secures €11M in Funding to Expand Biotech Innovations
Italian biotech and biomaterials company SQIM (formerly known as MOGU SRL) has recently announced that it has raised €11 million in a funding round. The round was led by CDP Venture Capital and ECBF VC, with participation from Kering Ventures and existing shareholder Progress Tech Transfer.
SQIM is a multi-disciplinary company that specializes in using mycelium, the vegetative part of a fungus, as a biofabrication agent. The company harnesses the natural power of fungal mycelia to create transformative products for various industries, all rooted in the principles of the circular economy.
CDP Venture Capital and ECBF VC Lead €11M Funding Round for SQIM
The funding round, which raised €11 million for SQIM, was led by CDP Venture Capital and ECBF VC. Both venture capital firms recognized the potential of SQIM’s innovative biotech solutions and decided to invest in the company. Additionally, Kering Ventures and existing shareholder Progress Tech Transfer also participated in the funding round, further validating SQIM’s potential.
SQIM to Utilize Funding to Scale Industrial Production and Launch Demo Plant
With the newly raised €11 million, SQIM plans to capitalize on its proprietary technological platform, which combines biological fermentation and biochemistry. The company aims to accelerate industrial scaling by deploying and launching a new demo production plant. This plant will feature multiple technological improvements, enhancing SQIM’s ability to meet growing demand for its innovative biomaterials.
Mycelium-based Biotech Company SQIM Empowers Circular Economy Principles
SQIM’s use of mycelium as a biofabrication agent aligns with the principles of the circular economy. By utilizing a natural and renewable material, SQIM reduces its environmental impact and promotes sustainable production practices. The company’s commitment to circular economy principles positions it as a leader in the biotech industry and demonstrates its dedication to creating a more sustainable future.
Italian Biomaterials Firm SQIM Raises €11M in Venture Capital Investment
SQIM, an Italian biomaterials company, has successfully raised €11 million in a recent venture capital investment round. The funding will enable the company to further expand its biotech innovations, specifically in the field of mycelium-based biomaterials. The investment was led by CDP Venture Capital and ECBF VC, with participation from Kering Ventures and Progress Tech Transfer. SQIM plans to use the funds to scale up its industrial production and launch a demo plant, which will showcase the company’s innovative technological platform. With its focus on circular economy principles, SQIM is well-positioned to make a significant impact in the biomaterials industry.
Analyst comment
Positive news: SQIM secures €11M in funding to expand biotech innovations. Analyst prediction: With the funding, SQIM will scale its industrial production, launch a demo plant, and meet increasing demand for its biomaterials. This will drive growth and solidify SQIM’s position as a leader in the biotech industry.
