Scottish-based cleantech business Penrhos Bio has raised £3 million in Series A funding supported by Innova Partnerships.
A consortium of investors including St Andrews-based firm EoS, Orchard Ventures, New York branding partner Earthbound Brands LLC, Scottish Enterprise and several high net worth individuals supported the business. The investment will accelerate the regulatory submission and commercialisation of the firm’s pioneering anti-biofilm technology, RemoraTM.
Originally developed in collaboration with Unilever, RemoraTM gently protects surfaces against multi-species harmful bacteria, fungi, and algae. The technology provides a real and sustainable alternative to disinfectants and antimicrobial agents in domestic and industrial settings.
The company has also appointed Earthbound Brands LLC co-founder and CEO, Jeff Cohen to the Board.
Commenting, Penrhos Bio CEO Professor Richard Hammond said:
“RemoraTM is inspired by nature, with sustainability and the environment at the front and centre of everything we do.
“With the support of our current investor base and new investors, we continue to build the business. This investment will allow us to accelerate our regulatory activities leading to active registration alongside building our brand value in RemoraTM . We welcome Jeff Cohen to our Board and look forward to his expertise and guidance as we continue to build the business.”
Penrhos Bio is already working with multiple corporate partners spanning agritech, marine, renewables and healthcare. In June this year, working with commercial healthcare partner Pro3dure Medical, the use of RemoraTM was approved by Health Canada for use in 3D printed dental medical devices.
The next phase will see more product launches as Penrhos move through the necessary regulatory approval processes alongside its commercial partners.