Canada-based materials science startup Bioform Technologies secures $5million in funding. Suzano Ventures made the investment. The funding will be used by the firm to expedite the development of its innovative bio-based plastic substitutes.
Under the direction of CEO Chris Clark, Bioform has modified current pulp and paper manufacturing equipment to create a patented process for producing plastic substitutes based on wood pulp reinforced hydrogels at high speeds.
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The production technique can provide extremely adaptable materials to replace a variety of single-use plastics with a low carbon impact. The business has created films that may be thermoformed or heat sealed based on the purpose, and they are both biodegradable and recyclable paper.
Prior to this, Bioform Technologies had raised US$1.2M from non-dilutive sources and US$2.4M from direct investments to optimise its technology and verify lab performance and procedures.
Chris Clark said: “Our goal is to produce sustainable alternatives to single-use plastics at the speed of paper and at the cost of plastic. We are harnessing the speed and efficiency of pulp and paper manufacturing to make swift and impactful steps into the marketplace. The technical validation and strategic investment from Suzano Ventures gives us a link to the world’s largest market pulp producer. We can also access Suzano’s world-leading expertise to help us rapidly accelerate the production efficiencies and cost reductions needed to make a significant reduction in the reliance on single-use plastics.”
About Bioform Technologies
Bioform has created a patented method for producing multilayered hydrogels reinforced with pulp fibre at industrial rates. By providing materials that are climate positive and have the same performance, processing speed, and affordability as traditional plastics, we hope to completely transform the plastics business.
