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CryoTech Secures Seed Funding from Series Ventures for Cold-Active Enzymes

2024-06-11 2 min read


CryoTech Secures Seed Funding from Series Ventures for Cold-Active Enzymes

Reading Time: 2 minutes

CryoTech, a Korean startup specializing in cold-adapted industrial enzymes, has secured seed funding from Series Ventures. CryoTech plans to use the investment to advance the development of products utilizing cold-active proteases. As the first research institute company of the Korea Polar Research Institute, CryoTech extracts cold-active protein enzymes from Antarctic marine microorganisms to produce products that efficiently degrade proteins and perform cleaning functions at low temperatures. These capabilities allow the company to develop medical detergents, industrial enzymes, molecular diagnostic kits, clothing detergents, feed additives, and waste treatment agents.

According to a report by Genofocus, the global industrial enzyme market is growing at a CAGR of 6.4% and is expected to reach $9.2 billion by 2027. With the rising focus on environmental issues, the demand for eco-friendly enzymes is expected to continue expanding. In particular, the need for cold-active proteases in the detergent enzyme industry is increasing, and the market for detergent enzymes is expected to grow steadily with the increasing prevalence of dishwashers.

Lim Jeong-han, CEO of CryoTech, is a biotechnology Ph.D. with experience in developing technologies utilizing metabolites derived from polar organisms inhabiting the Arctic and Antarctic. He is recognized as an expert in this field, with extensive research experience and involvement in government-supported projects.

Kwak Sung-wook and Park Joon-sang, representatives of Series Ventures, stated, “CryoTech’s expertise in marine microorganisms stood out. The transition to a research institute company enables the firm to secure stable operational funds through excellent R&D projects. We positively evaluated their leading technology in developing cold-active enzymes in Korea, which led to our investment decision.”

Lim Jeong-han, CEO of CryoTech, remarked, “We are accelerating the establishment of a mass production system for cold-active proteases to supply these products to industrial sites. We will do our best to ensure rapid growth so that our investors and company members can benefit.”

[Korean Greentech Startup News]

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