Novo Growth, the growth equity arm of Novo Holdings, said it has led a 29 million euros ($35.26 million) series C investment in AMSilk, said to be the world’s first industrial supplier of synthetic silk biopolymers.
The financing will accelerate the ongoing scale-up of AMSilk’s industrial projects worldwide and further drive the internationalization of its commercial activities as it continues to expand its customer base into new markets.
The financing also included new investors Cargill and E.R. Capital Holdings, as well as existing investors MIG Verwaltungs AG and ATHOS KG. Kartik Dharmadhikari, partner and Anders Bendsen Spohr, senior partner at Novo Holdings, will join AMSilk’s supervisory board.
AMSilk supplies high-performance bio-based silk materials and wants to use its proprietary technology platform to lead the change to better and more sustainable products. Its products are made from plant-based raw material via bacterial fermentation, are highly versatile with strong mechanical and biochemical properties, with applications across many industries.
“AMSilk’s technology has the potential to revolutionize a number of industries and be part of the decarbonization push needed to overcome the biggest environmental challenges of our time,” Dharmadhikari said. “The company has made immense progress in enhancing its high-performance bio-based materials and we are delighted to lead this financing, which will enable the team to expand the business globally. This investment underscores Novo Holdings’ commitment to backing companies that will have a long-term, sustainable impact on society.”
The environmentally friendly, sustainable silk biopolymers can be fully recycled and are 100 percent biodegradable. These materials are suitable for products such as high-performance sports apparel and are driving state-of-the-art biomedical developments, including medical implants.
“Together with our customers, we work to create high-performance bio-based materials with the potential to revolutionize product offerings and drive change across various industries,” Ulrich Scherbel, CEO of AMSilk, said. “It is exciting to have the support from high-technology investors, led by Novo Holdings, to make our silk polymers available in industrial quantities to an even broader range of customers and industries.”
This is the 12th investment by Novo Holdings in the bio-industrial space. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies.
AMSilk GmbH is the world’s first industrial supplier of vegan silk biopolymers and has its headquarters in Planegg, Germany. AMSilk offers its innovative range of high-performance Biosteel fibers for textiles and industrial applications worldwide and has announced collaborations and partnerships with world leading brands like Adidas and Airbus. The organic high-performance material has multiple applications.