The fund would be used by the company to accelerate development of its PHA biodegradable biopolymers to replace single-use plastics.
By Team ABLE
Singapore-headquartered biotech start-up RWDC Industries Pte Ltd has closed aUS$13 million Series A2 round co-led by venture capital firms Vickers Venture Partners and WI Harper Group. Finance firm Ridgevale Enterprises Limited andindividual investors also participated in the round.
Vickers Chairman and co-founding partner Dr.Finian Tan, along with WI Harper Chairman Peter Liu, have joined RWDC\'s board of directors.
The company says that this Series A2 funds will primarily be used to expand RWDC\'s PHA (polyhydroxyalkanoate) production capacity in Athens, Georgia(USA), to 2,000 tons per year, making it among the world\'s largest PHA producers by early 2019.
RWDC develops innovative and cost-effective biopolymer material solutions. In particular, the company produces medium-chain-length polyhydroxyalkanoate (mcl-PHA). PHAs are naturally produced by bacterial fermentation of plant-based oils or sugar, and are widely recognized as the world\'s only commercially viable biodegradable bioplastic due to its versatility 1.
RWDC says that its PHA is certified to be fully biodegradable in soil, water and marine conditions (i.e. all potential end-of-life scenarios) by certification agency TUV Austria (formerly Vincotte). It fully biodegrades within weeks with no toxic residue.