Syensqo Ventures, the group’s venture capital fund, participated in the $2.1m (around €1.94m) financing round for Argentinian startup Bioeutectics, alongside Fen Ventures, Atento Capital and SOSV (IndieBio).
The startup was founded in 2019 and provides natural solvents that make industrial products and processes more sustainable, by replacing petrochemical-based solvents with natural alternatives.
Based on pioneering technology – Natural Deep Eutectic Solvents (NADES) – Bioeutetics mimics the way plants elaborate their own solvents, using 100% renewable sources.
A new class of solvents "obtained by association with food-grade ingredients"
Global R&I director, for new technologies at Syensqo, Jean-Christophe Castaing, said he sees a growing demand for efficient and environmentally friendly solvents, which can also be biodegradable, non-toxic, and affordable.
“The personal care and beauty industries are moving towards high naturality standards; this is particularly true for the segments of those industries willing to demonstrate their commitment through standards such as Cosmos certification," he shared.
He continued: “Plant extracts are inherently compounds with a high level of naturality, however the extraction process to retrieve the active from the plant matters. Cosmos certification, for understandable reasons, bans the use of toxic solvents, leaving space only for physical processes. Those processes are, however, not benign: high pressure, high temperature, super-critical CO2 conditions. The plant extracts may be altered in such harsh processes.”
Castaing said that Bioeutectics has come up with a new solution, similar to solvent extraction (so mild physical conditions) but with a new class of solvents obtained by association with food-grade ingredients.
“Bioeutectics helps the industry take a new step in the field of ‘natural processes’,” he stated.
Meanwhile, CEO of Bioeutectics Tomas Silicaro said he believed that “Syensqo’s expertise in solvents and formulation is key to our success.”
"Actively targeting partnerships with bio-based startups"
This new investment also strengthens the existing partnership between Syensqo Ventures and the Genesis Consortium, supporting startups in the SOSV’s IndieBio early-stage biotech incubator startup development program.
We look forward to working with Bioeutectics on leveraging this whole new class of solvent and bringing this new innovation to our customers,” said Castaing.
“The ventures group is actively targeting partnerships in startups developing bio-based and sustainable innovations that contribute to safer, cleaner, and higher-performing products for a better quality of life.”