AMSilk, a German fibre inventor, has raised €29 million (US$35 million) in Series C funding, which according to the company will make their silk polymers available in industrial quantities to an even broader variety of clients and industries.
AMSilk’s material, Biosteel fibre, is made from a biopolymer based on natural spider silk, a material known for its strength, flexibility and toughness. AMSilk produces Biosteel fibre – made from plant-based raw materials via a bacterial fermentation process – through a closed-loop biotechnological process that means the product is sustainable, with no petroleum inputs.
The company already produces Biosteel for industrial applications as well as within areas of the textiles industry where its high tensile strength is required.
In 2018, for example, the firm partnered with European aerospace corporation Airbus to develop composite materials for the sector.
Ulrich Scherbel, AMSilk’s CEO, commented: “Together with our customers we work to create high-performance bio-based materials with the potential to revolutionise product offerings and drive change across various industries.
“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.”
Through the investment round, Novo Growth, the growth equity arm of Novo Holdings, provided considerable support for AMSilk’s activities.
“AMSilk’s technology has the potential to revolutionise a lot of industries and be part of the decarbonisation push needed to address the largest environmental challenges of our time,” said Kartik Dharmadhjkari, a Novo Growth partner.
“The company has made tremendous success in improving its high-performance bio-based materials, and we are thrilled to be leading this investment that will allow the team to expand the business globally.”