Lumen Bioscience, a synthetic biotechnology company developing a novel bio-based product development platform, announced today it has raised $13 million of new capital, including a Series A investment round totaling $11.2M and a $1.8M grant from the US Department of Energy. The financing was led by Avista Development, BioEconomy Capital, company founders and other Seattle-area biotech investors. The funding will scale up Lumen’s first product launch in 2018.
Lumen Bioscience uses modern biotechnology tools to grow Spirulina, a blue-green algae that is widely used in food, cosmetics and nutritional supplements.
Lumen’s tools and methods use Spirulina to make high-value proteins and other molecules for foods, cosmetics, medicine, and industry. Traditional biotech platforms, many based on yeast and E. coli, have proven unsuitable for the large-scale production of certain classes of proteins and other biologics. Thanks to Lumen’s technology, Spirulina has the chance to join these as an important new production platform for the biotechnology industry.