Provectus Algae has raised $10.1 million in Series A financing and an additional $2.5 million in grant funding from the Australian government. The investment round was led by At One Ventures, with contributions from Methane Mitigation, Mort & Co, and existing shareholders, including Hitachi Ventures. Tom Chi from At One Ventures will join the company’s Board of Directors.
Specializing in algae-based bioproducts, Provectus Algae uses proprietary technologies, including Precision Photosynthesis and AI-driven biomanufacturing, to develop and produce innovative algae products. Their first product, Surf’N’Turf, is a feed supplement for ruminant livestock, featuring a seaweed that improves rumen digestion and reduces methane emissions.
How the funding will be used: This funding will help scale up Surf’N’Turf production, conduct extensive pilot trials, and supply the market with large quantities of the supplement. The funding also benefits from the Australian Government’s Industry Growth Program, which supports high-growth startups aiming to enhance Australian manufacturing capabilities.
KEY QUOTES:
“Animal agriculture generates more emissions than any other industry, and Provectus Algae’s high-yield production offers an economic pathway to substantially solve for these emissions while improving the livelihoods of farmers and ranchers.”
Tom Chi
“As one of Australia’s largest lot feeding managers, Mort & Co has a responsibility to lead the way in finding effective methane reduction solutions for the commercial beef industry. The team has been actively involved in testing various feed additives as part of its ongoing commitment to improving sustainability and animal welfare. With the ability to scale production and tailor products for our animals and operations, we have partnered with Provectus Algae to conduct trials of their product designed to reduce methane emissions and increase cattle performance. Achieving increased performance alongside the reduction in methane will provide great opportunity for the industry and we are eager to be a part of this journey.”
Charlie Mort, Executive Chairman of Mort & Co.
“I am incredibly proud of what our team has built despite challenging headwinds in the biotech sector. This milestone is a testament to our team’s determination and their desire to deliver lasting advancements in sustainable biomanufacturing. With Tom Chi coming aboard and Mort & Co’s strategic backing, our team has become even stronger as we scale the world’s best methane-reducing feed supplement.”
Nusqe Spanton, Founder and CEO of Provectus Algae
