Evolved By Nature, a biotech company producing a proprietary library of Activated Silk molecules from natural silk protein, recently announced it has closed a $120 million Series C financing. This was led by Teachers’ Venture Growth (TVG), part of the $242 billion Ontario Teachers’ Pension Plan Board, and Senator Investment Group.
“We have crossed a critical planetary boundary. The overuse of petrochemicals derived from fossil fuels has changed the biochemistry of the human body and the planet’s life support systems,” commented Greg Altman, CEO and co-founder of Evolved By Nature, in a statement.
“With the support of TVG, we can now develop new therapeutics and global supply chains that foster a healthier relationship between industry and ecosystems, initially focusing on skin treatments and high-performance coatings for leather and apparel,” added Altman.
Activated Silk molecules serve as renewable, sustainable chemicals, bioactive ingredients, and novel therapeutics for use in areas such as apparel, personal care, and medicine. The funding accelerates the commercialization of the Activated Silk technology platform, which aims to shift global markets away from their dependence on synthetics and fossil fuel derivatives and push the frontiers of regenerative medicine.
Silk proteins instead of petrochemicals
The funding will also support global sales of Evolved by Nature’s sustainable alternatives to petrochemical coatings used in the leather and textile industries today. Over the past year, the biodegradable finishes have been used by fashion brands such as Anya Hindmarch, nylon mills such as Alpine Creations and Apex Holdings, and leather tanneries such as Richard Hoffmans GmbH & Co. KG, Cyclica Srl and Curtidos Bengala.
“We believe that the use of silk proteins has tremendous potential to create innovative and sustainable products of high quality that benefit the health of people and the planet. Evolved By Nature has a compelling vision to break new scientific frontiers to reduce our dependency on problematic chemicals while building better, more sustainable supply chains. We look forward to working with them to realize this vision and grow their business globally,” said Olivia Steedman, Executive Managing Director of TVG.
The funding will also advance the introduction of powerful Activated Silk skin barrier enhancing ingredients in brand and third-party personal care products, serving as natural replacements for fossil fuel derivatives like petrolatum and harsh, synthetic ingredients like retinoids. In parallel, Evolved by Nature will advance the discovery of therapeutics that effectively improve skin and treat commonly overlooked diseases.
The funding round also coincides with the launch of Evolved By Nature’s state-of-the-art, large-scale manufacturing facility, which will increase production to 900 tons of Activated Silk per year. Located in Walpole, Massachusetts, it opened in May 2022. It currently produces 150 tons of Activated Silk per year, which is a 500 percent increase in capacity compared to 2021.
This funding supports full operations and capacity to manufacture 900 tons of Activated Silk per year by 2024. Based on Evolved By Nature calculations, this would translate to 900 million cans of petrochemical-free skin care, 150 million square feet of biodegradable, polyurethane-free leather, sustainable finishing chemicals for 195 million clothes, or a substitute for 7,200 tons of non-biodegradable petrochemical surfactants that are regularly washed into waterways via skin cleansing products.