Solvay spin-off Syensqo has participated in a $2.1 million financing round for Argentinian biotech startup Bioeutectics, which makes green solvents.
Founded in 2019, Bioeutectics provides natural and high-performance solvents that make industrial products and processes more sustainable.
Based on pioneering technology - Natural Deep Eutectic Solvents (NADES) - Bioeutetics mimics the way plants elaborate their own solvents using 100% renewable sources.
By replacing petrochemical-based solvents with natural alternatives, the Mendoza-based outfit provides solvents with an improved environmental, health, and safety profile that are aligned with and contribute to the achievement of sustainable development goals.
“We see a growing demand for efficient and environmentally friendly solvents, which can also be biodegradable, non-toxic and affordable,” said Jean-Christophe Castaing, Global R&I Director, New Technologies at Syensqo.
“Bioeutetics’ cutting-edge technology is at the forefront of solvent innovation, combining high-performance, quality and sustainability that could bring real added value to Syensqo’s portfolio of products,” he added.
Syensqo, which was spun off from Solvay last month, made the investment via its venture capital fund alongside Fen Ventures, Atento Capital and SOSV (IndieBio).
The investment strengthens the existing partnership between Syensqo Ventures and the Genesis Consortium, supporting startups in the SOSV’s IndieBio startup development programme, it said.
