German bio-fabricated silk protein supplier AMSilk bags €54M in series C financing

05 Apr 2023 --- AMSilk has secured an additional €25 million (US$27.4 million) in series C funding round led by existing investor Athos (AT Newtec) with participation from Novo Holdings, Cargill and MIG Capital. Proceeds from the financing totaling €54 million (US$59.1 million) will enable AMSilk to accelerate the scale-up of its industrialization and commercialization projects worldwide.

“The world’s first industrial supplier” of biotechnologically produced silk proteins AMSilk’s technology platform makes bio-fabricated materials that can be utilized across various applications such as textile fibers, medical devices and consumer goods.

“We are delighted to have closed this successful financing round which validates our technology and underpins our ongoing development as we scale up and expand our commercial operations,” says Ulrich Scherbel, CEO at AMSilk.

“We will invest in technology to continue to provide innovative, attractive solutions to our customers and improve the commercial supply of our products to expand our business.”

AMSilk’s bio-fabrication platform reprograms microorganisms to enable them to produce silk proteins into usable forms such as powders, hydrogels, fibers and coatings. Coupled with its fermentation process, this allows the company to produce complex proteins in large quantities.

The company states that its silk materials are 100% protein, fully biodegradable under aerobic and marine conditions and do not include any source of microplastics. AMSilk biopolymers are distributed in the form of Silkbeads (microparticles), Silkgel (hydrogel) or Biosteel (fibers).

Proceeds from the financing will enable AMSilk to accelerate the scale-up of its industrialization and commercialization projects worldwide.They are currently used in coatings for medical technology products, in the textile industry and as an ingredient in personal care products.

Harnessing biotech
AMSilk received €29 million (US$31.8 million) in financing in 2021, which it invested in partnership agreements with brands in the apparel, medical and automotive industry and supply contracts with leaders from the biotech industry.

The silk polymer can be integrated into large-scale manufacturing processes, including product treatment or coating using dip coating or spraying technologies. All products can be manufactured under diverse regulated environments as required, ranging from technical to cosmetic, food and medical grades.

Daniel Kolb, investment manager at Athos, states: “Athos has been investing in revolutionary technologies. We are highly interested in bio-materials because of their proven ability to change the world for the better.”

AT Newtec, one of the investment subsidiaries of Athos and Santo Holding, has been the lead investor of AMSilk since 2008.

MIG Fonds of venture capital firm MIG Capital also continuously invested in AMSilk for eight years. “This financing will allow AMSilk to quickly tackle its ambitious agenda. Specifically, supply commitments with leading global consumer brands will be pursued with the aim of converting them into supply agreements,” adds Michael Motschmann, managing partner at MIG Capital.

“In addition, the commercial production of biotech silk proteins on a multi-ton scale will be started and the construction of the first plant for protein production specifically designed for AMSilk at a well-known customer site will be initiated.”

Edited by Radhika Sikaria