Penrhos Bio has secured £1m in funding, led by St Andrews-based investment firm Eos Advisory.
The money will accelerate the commercialisation of its patented platform technology Remora, developed in collaboration with Unilever, that protects surfaces against bacteria, fungi and algae.
Founded in 2019, the St Fillans-based start-up is already working with several corporate partners in industries including agritech, marine, renewables and healthcare.
Remora is the result of over 10 years of development with research partners at UK universities based on understanding how the biology of certain red seaweeds provides them with a natural protection against biofilms.
The technology works in the same way as the biology that protects the seaweed and has the potential to be used in a range of applications. These include protecting the marine industry against fouling, extending the life of structures in the renewables sector, new biocide-free seed and fruit protection against spoilage in agriculture, prolonging the life of textiles and clothing, as well as the hygiene of medical devices.
Penrhos Bio now has a sustainable solution to harmful biofilms caused by multiple species of microbes that can be applied to surfaces, coatings and incorporated into materials.
Dr Jon Hague, chair at Penrhos Bio, and vice president for science and technology at Unilever, said: “Penrhos Bio is positioned to tackle some of the biggest societal and environmental challenges of the 21st century, with a unique technology which is near limitless in its applications, set to revolutionise a number of global industries.”
The next 12 to 18 months will see the company move through the necessary regulatory approval processes alongside its commercial partners, with a Series A fund raise due around this time next year.
Professor Richard Hammond, chief executive at Penrhos Bio, said: “With the support of Eos and a number of private investors, we continue to build the business, grow our team with key hires, further our commercial partnerships, and navigate the regulatory environment ahead of commercialisation.”
Andrew Durkie, partner at Eos Advisory, added: “Richard and his team are on the verge of commercialising a game-changing technology capable of transforming efficiencies and sustainability across a range of sectors - it is precisely the kind of impact investment Eos was set up to support, and we look forward to supporting Penrhos’ progress over the coming months and years.”
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