Emerald Fund III invests in industrial enzyme developer MetGen
Emerald Technology Ventures is pleased to announce the first investment from its new Fund: MetGen Oy, a Finnish industrial biotech company.
Turku-based MetGen Oy is the first investment of Emerald Technology Ventures' new Fund. MetGen is an industrial biotech company that develops industrial enzyme solutions for the pulp & paper industry and non-food biomass transformation into renewable chemicals and fuels. Emerald joins the Series A financing round which included Sofinnova Partners, Finnish Industry Investment, HST Partners, Finnvera and Cleantech Invest.
Founded by the serial entrepreneurs Alex Michine and Prof. Alex Azhayev in 2006, MetGen developed a proprietary technology platform to modify naturally occurring enzymes. The approach resulted in outstanding catalytic properties for harsh industrial environments. The enzyme solutions allow for significant energy savings in the refining process of pulp & paper production and contribute to significant cost savings in the conversion of non-food biomass into cellulosic sugars for the biofuel and renewable chemicals industry.
Alex Michine, CEO and Founder of the company stated: "We are very proud to welcome such a high caliber investor to our company. Emerald's deep domain expertise and global industrial network will be an important pillar in supporting our growth."
"We are very pleased to be on board and support the company on its growth and international expansion plan," commented Gina Domanig, Managing Partner at Emerald. "MetGen represents an exciting opportunity to serve the fast growing industrial biotech market."
Philipp Hasler, Investment Director at Emerald, added: "We identified MetGen as a unique opportunity addressing one of the biggest markets in industrial biotech and with product solutions that are complementary to the offerings of the globally leading enzyme companies." Following the transaction, Mr. Hasler joined the Supervisory Board of MetGen.