Disruptive Biotech Startup Bioeutectics Announces $2.1 Million Funding Round Led by Fen Ventures and Tulsa-based Atento Capital
The multi-firm investment will support the startup's mission to revolutionize the solvent market with better and greener solutions
TULSA, Okla. – January 22, 2024 – Bioeutectics, an Argentinian biotech startup developing high-performance and green solvents to reduce the environmental footprint announced it has raised a $2.1 million funding round led by Fen Ventures and Atento Capital, with investments from GridX, Syensqo Ventures (former Solvay Ventures) and SOSV’s IndieBio. Bioeutectics’ natural deep eutectic technology produces solvents entirely from renewable resources, ensuring a sustainable and environmentally friendly manufacturing process.
“With this investment, we will continue to grow our team, scale our AI platform to refine our products, and, most importantly, expand production to begin selling this year,” said Tomas Silicaro, Founder and CEO of Bioeutectics. “Through the support of our venture partners, including Tulsa, Oklahoma’s Atento Capital, the investment will bring three of our five founders to Tulsa to build our commercial office and applications lab. We are excited to establish Bioeutectics in the United States, and Tulsa’s vision to grow in a sustainable way matches our company objectives, making the U.S. a great first market for us.”
Through natural eutectic technology, Bioeutectics mimics the way plants elaborate their own solvents using 100 percent renewable resources. Bioeutectics has a portfolio of more than 30 products, with additional ones in the testing phase. Currently, Bioeutectics is focusing on trial products across four verticals, food tech, agro tech, personal care, cosmetics and sustainability In food tech the company enhances the final products replacing chemical stabilizers, preservants and solvents, with natural ingredients with equal or better performance. In agro tech, the main application replaces petrochemical surfactants by natural and biodegradable ones. In personal care, cosmetics and OTC the objective is to replace all petroleum products (specially solvents) with natural solutions, while also improving the final product with additional features such as antioxidants, antifungal or antimicrobial properties, etc. The company provides sustainability products specific to cleaning up the environment across gas capturing, waste treatment, water treatment and PET recycling. All products are expected to be available in Spring of 2024.
“We are excited to invest in Bioeutectics, a company on an important mission to revolutionize the solvent market with greener and more sustainable solutions,” said Lawrence Watkins, Head of Tulsa Investments at Atento Capital. “Atento’s investment underscores our passion to support tech entrepreneurs developing technology that is benefiting our world. We look forward to continuing to support Bioeutectics journey to further their presence in the U.S., and establish a testing facility in Tulsa, Oklahoma.”
The Bioeutectics team has an impressive track record, combining research excellence, industry recognition, partnerships with renowned organizations, and individual achievements. These accomplishments position them as a leader in the field of sustainable solvents. Co-founder and CEO Tomas Silicaro brings twenty years of experience in sustainable industrial supply chains. Bioeutectics scientific team—Fernanda Silva, Romina Canales, Sergio Pasini, and Federico Gómez—have filed three patents in the United States for their solvents, along with another patent for their AI platform that aids in optimizing the performance of its solvent mixes.
"We see great potential to optimize product formulation and make them more sustainable,” says Olivia Valdés, Bio Venture Partner at Fen Ventures. “It is a very versatile technology that aligns well with our investment thesis. Bioeutectics joins a pool of companies born in Latin America that we have invested in, which have a scientific and technological foundation and the potential for global scalability. We are excited about the team, which combines scientific expertise and industry experience, with a very practical and applied approach to current challenges."
For more information, read about Bioeutectics here.
Bioeutecticts is a disruptive company that seeks to revolutionize the solvent market by replacing petrochemical solvents used in industrial processes. The company utilizes deep green solvent eutectic technology to produce solvents entirely from renewable resources, ensuring a sustainable and environmentally friendly manufacturing process. Their proprietary process utilizes bio-sourced ingredients derived from natural materials, such as natural acids, amino acids, alcohols, and sugars. By eliminating the use of toxic petrochemical solvents, Bioeutectics aims to address the environmental challenges associated with traditional solvents, including toxicity risks, soil contamination, and hazardous waste.
About Fen Ventures
Fen Ventures is an early-stage venture capital firm focused on Latam Spanish-speaking startups with the capacity to scale local and globally. Fen is one of the first VC funds in Chile and one of the most active with a significant trajectory in Latin America. Since 2012, Fen has been supporting tech entrepreneurs with the capacity to scale and grow globally. Currently, it has three funds and a portfolio of 37 companies. Fen is also raising its first secondaries fund.
About Atento Capital
Atento Capital is a Tulsa-based venture capital firm focused on unlocking unsung potential in early-stage founders through providing access to venture capital, human capital and expanded professional networks. Atento Capital has created pathways to upward mobility and helped dozens of companies and entrepreneurs thrive in Tulsa’s tech ecosystem by democratizing access to venture capital for traditionally underinvested groups of people.