Danish synthetic biology company Octarine Bio ApS has announced the successful completion of its pre-series A, raising €2m.
The company is now ramping up to its series A fundraising effort with expected closure during 2023.
The successful completion of the pre-series A round – co-led by DSM venturing, the venture capital arm of Royal DSM, and deep-tech & life-science venture fund, Oskare Capital – comes as the company achieves a set of milestones with its proprietary cannabinoid lead products.
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Octarine Bio says the products demonstrate impressive improvements in vivo, validating the potential of the platform to generate molecules with tailored modes of action.
Nethaji Gallage, founder and CEO of Octarine Bio ApS, commented: “I am excited to welcome our new investor, DSM venturing, the venture arm of the global science-based and purpose-led company Royal DSM.
“They deeply understand Octarine’s technology and its broad market potential. I am also grateful to have strong backing from our founding investor, Oskare Capital, who has continuously supported Octarine in past funding rounds.”
Alexandre Ouimet-Storrs, co-founder and managing partner of Oskare, said: “They continue the push to develop their proprietary cannabinoid platform as well as build out their technological platform for other applications.
“The platform will enable the company and its partners to have novel and superior cannabinoids that can offer groundbreaking solutions in the pharmaceutical and CPG industries. We are also very excited to have Royal DSM join us in this journey.”
Octarine’s technology platform is built using cutting-edge tools in synthetic biology to combine different genetic elements found in nature to create enhanced products and processes, providing access to new bioactive molecules beyond the reach of nature or man-made techniques.
Its product pipeline aims to expand existing market boundaries by tapping into underexploited or completely new market spaces with broader demands.