Chicago-area biotechnology company Mycocycle has raised $3.6 million in a seed extension funding round. The oversubscribed round was led by Closed Loop Partners' Ventures Group, with participation from the TELUS Pollinator Fund for Good, U.S. Venture and the Illinois Department of Commerce and Economic Opportunity INVENT Fund. This brings Mycocycle's total funding to $7.3 million.
The company uses lab-cultivated fungi to turn organic waste into reusable materials, diverting construction debris from landfills and reducing greenhouse gas emissions. The company's bioremediation process combines waste materials from construction and demolition projects with its mycelium treatment, resulting in non-toxic, high-quality raw materials for the building industry. These materials are lightweight, thermally insulating, fire-retardant, water-repellent and more sustainable than those made from plastic polymers or petroleum chemicals.
Mycocycle has significantly increased its treatments, completing over 10 times as many per month compared to this time last year. The company's goal is to decarbonize the construction material supply chain and contribute to zero-waste corporate responsibility programs. It will use the fresh funding to strengthen partnerships with waste material providers, expand its waste-to-value chain and make key hires across its marketing, technology and operations teams.
Source: Built in Chicago