Ynsect, a France-based insect biotech startup developing innovative products such as aquaculture feed made of insects, plans to invest €2 million in fresh funds in a new R&D program, the company told Undercurrent News.
The funds include a €1.8m capital injection secured in February from the venture capital funds Emertec and Demeter as well as private investors.
The biotech firm learned also last week that it had won a €200,000 grant as part of the Global Innovation 2030 competition organized by the French government to identify innovative companies with economic potential.
The grant will be used to upgrade the pilot plant set up at their new offices in Genopole, Paris, president and R&D director at Ynsect Antoine Hubert told Undercurrent.
The €1.8m funding, he said, will be invested in Ynsect's R&D program, to deploy its production pilot and win its first markets.
“The pilot plant will be active 7/24 and produce insects to be transformed into three components: proteins, lipids and chitins,” Hubert said. “These samples will be tested in different applications with different industrial actors which are interested by these products.”
Ynsect develops large-scale insect rearing technologies, and the recovery and processing of high value molecule streams. The company, which has been working on industrial solutions for 30 months, aims to develop aquaculture feed applications as well as other products such as cosmetics and specialty chemicals.
“The support of the French authorities and private investors few weeks are very significant signals for our new industry,” Hubert said. "We believe it is a strong signal showing that the industry recognizes and understands the market potential of insect biotech.”
“Our products are eagerly awaited both by specialty chemistry and feed markets,” he added.