RESEARCH TRIANGLE PARK – In these days of growing fears about climate change, RTP-based Biomason has raised $65 million with its proprietary “biocement” technology which the firm says will help reduce carbon emissions worldwide.
Led by high-profile investors such as 2150, Celesta Capital, Hartree Partners and previous investors Novo Holdings and Martin Marietta Materials, Biomason disclosed the new funding on Monday.
The cash will be used to fuel further development of Biomason’s technology as part of co-founder and CEO Ginger Krieg Dosier’s mission to slash carbon emissions 25% by the concrete industry in less than a decade.
“This investment marks an important milestone in the wide-scale adoption and commercialization of biocement technology,” said Dosier in the announcement. “This is a commercially driven, strategic round for Biomason, and we are honored to work with new and current shareholders to take the next steps for our company.
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“We are accelerating our technology platforms to enable broader applications in the concrete value chain, including ready mix technology. We are excited to work alongside 2150 as the leading impact investor solving the biggest climate challenges in the built environment.”
Biomason explains its unique technology this way:
“The only company in the world using biology to commercially produce cement, Biomason employs natural microorganisms to grow biocement in ambient temperatures without emitting carbon dioxide. Its patented biocement technology mimics nature’s use of carbon as a building block, creating cement in a biological, circular system, rather than relying on the 200-year-old climate-intensive Portland cement (OPC) production process.”
“Since the invention of Portland cement in 1824, it has remained the key ingredient used in concrete, and therefore the most ubiquitous globally,” said Michael Marks, founding general partner at Celesta Capital. “However, it is a commodity product with fierce price competition and high environmental costs. Celesta is thrilled to invest in Biomason—a company that uses pioneering technology and processes to help reduce the construction industry’s climate impact.”
Biomason launched in 2012.