C16 Biosciences, a NYC-based maker of Palmless, a platform for sustainable palm oil alternatives, raised $3.5M in Grant from Bill & Melinda Gates Foundation as well as a $1m investment from Elemental Excelerator.
The round brought the total amount to $4.5M.
The company intends to use the funds to expand its platform by working with non-agriculturally derived feedstocks to produce food-grade oils and fats.
Led by CEO Shara Ticku, C16 Biosciences is a biotech company producing biodesigned performance ingredients. It recently launched the Palmless™ platform for sustainable ingredients, as well as their first biodesigned ingredient, Torula oil, a bioactive oil clinically proven to promote healthier skin and hair.
The founders generated the idea for C16 Biosciences at the MIT Media Lab, and the company is backed by Breakthrough Energy Ventures, Y Combinator, and more.
Commenting on the news, Shara Ticku said “Now that we’ve scaled our manufacturing to commercial-scale production and begun generating revenue in the personal care industry, we are ready and eager to expand our solution’s application set to produce high performance, scalable ingredients for food.”