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Today: May 23, 2024
January 10, 2024
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Breaking News: SQIM Secures Massive €11M in Funding

TLDR:

SQIM, an Italian biotech and biomaterials company, has raised €11M in funding in a round led by CDP Venture Capital and ECBF VC. The company plans to use the funds to further develop its proprietary technological platform and accelerate industrial scaling.

Key Elements:

  • SQIM (formerly MOGU SRL) raised €11M in a funding round.
  • The round was led by CDP Venture Capital and ECBF VC.
  • Other participants in the round include Kering Ventures and existing shareholder Progress Tech Transfer.
  • SQIM plans to use the funds to capitalize on its proprietary technological platform and accelerate industrial scaling.
  • The company utilizes mycelium as a biofabrication agent and technology.
  • The company aims to create transformative products for various industries.
  • The funding will be used to deploy and launch a new Demo production plant with technological processual improvements.

SQIM, formerly known as MOGU SRL, an Italian biotech and biomaterials company, has secured €11M in funding. The funding round was led by CDP Venture Capital and ECBF VC, with participation from Kering Ventures and existing shareholder Progress Tech Transfer. The company plans to use the funds to further capitalize on its proprietary technological platform and accelerate industrial scaling.

SQIM is a multi-disciplinary company that focuses on utilizing mycelium as a biofabrication agent and technology. Mycelium is the vegetative part of a fungus that plays a crucial role in organic decomposition and nutrient cycling. SQIM harnesses the natural power of fungal mycelia to create transformative products for various industries, aligning with the principles of Circular Economy. The company is led by CEO Stefano Babbini and Chief Mycelium Officer Maurizio Montalti.

The funding will enable SQIM to deploy and launch a new Demo production plant that incorporates multiple technological processual improvements. The company aims to scale up its operations and deliver its innovative products to a wider market. By combining biological fermentation with biochemistry, SQIM’s technological platform allows for the creation of sustainable and eco-friendly biomaterials.

This funding round marks a significant milestone for SQIM as it seeks to establish itself as a leading player in the biotech and biomaterials industry. With the support of CDP Venture Capital, ECBF VC, Kering Ventures, and Progress Tech Transfer, SQIM is well-positioned to drive innovation and make a positive impact across various sectors through its mycelium-based products.

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