French nutraceutical operates a patented process that solves the drawbacks of microalgae production
Microphyt has received a cash injection of €28.5 million (US$32 million) in the latest fundraising round. The money will be used to accelerate the development of the product portfolio, to expand sales network globally, as well as to increase the production capacity of Microphyt’s industrial platform.
"Microphyt [has been] actively committed to unlocking the full potential of microalgae amazing diversity through our unique technology platform. With this funding, we will speed up the development and supply of novel natural products that solve the key challenges of Nutrition & Wellbeing," said Vincent Usache, CEO of Microphyt.
A French company, Microphyt specialises in microalgae-based natural solutions for nutrition and well-being, and these are markets with booming consumer demand for natural, effective, safe and sustainably produced solutions.
Microphyt's proprietary production technology makes it possible guaranteeing a high level of control and standardisation
The world market for ingredients for these markets, represents more than US$ 70 billion with a share of natural ingredients (US$ 5 billion) that shows the strongest growth (8% per year). Among the natural ingredients, microalgae best meet consumer expectations thanks to their natural diversity, offering richness of molecules that can be produced in a close-controlled and sustainable way.
In 2009, Microphyt started work on a proprietary production technology that makes it possible to access this diversity while guaranteeing a high level of control and standardisation.
This patented process is being developed in-house and Microphyt claims it solves the usual drawbacks of microalgae production.
The process is based on 5,000-litre tubular photobioreactors, which offer both high differentiation potential (access to a new diversity of species) and the ability to supply natural active ingredients in an industrial and standardised way.
This technology, operated within an industrial production platform, has already made it possible to establish several commercial partnerships with key players in the sector.
Microphyt is working on new products that contribute to improving the wellbeing of the elderly, preventing certain metabolic disorders, facilitating an active lifestyle and protecting the skin from various stresses.
A portfolio of 10 nutritional active ingredients and 20 cosmetic active and functional ingredients is being developed. To achieve this, Microphyt said it will strengthen the team and will significantly increase its ingredient production capacity over the next 18 months.
The investment has been co-led by Sofinnova Partners and Bpifrance, IXO-Private Equity and Sofilaro.
The existing investors, Supernova Invest, Demeter Partners and Irdi Soridec, renew their confidence in the company by participating in this new round.
“This new round is a major milestone in our development and we are pleased that recognised investors in the sector such as Sofinnova Partners and Bpifrance are joining us alongside our existing investors to accelerate our development and internationalization,” CEO Usache concluded.