New York-based C16 Biosciences receives a three-year, $3.5 million grant from the Bill & Melinda Gates Foundation and a $1 million equity investment from Elemental Excelerator. The company plans to use the funding to expand its Palmless platform and pursue regulatory approvals for food categories, bringing its total funding to about $34 million.
New York-based C16 Biosciences moves its fermentation-derived palm oil alternative into commercialization after reaching industrial-scale production of about 50,000 liters. The company plans its first market launch of the bio-manufactured alternative under the Palmless brand in the beauty sector.
C16 Biosciences says it will bring its first palm oil alternative to market next year, after completing its first industrial-scale 50,000-liter fermentation batch and unveiling Palmless, a consumer brand platform. The company plans to launch its first commercial product line the following year.
C16 Biosciences launches Palmless, a palm oil alternative made through yeast fermentation and produced at commercial scale. The founders build on roughly $24 million raised from investors including Breakthrough Energy Ventures; co-founders Shara Ticku, David Heller, and Harry McNamara lead the company.
