ALTAR, a French biotech developing an advanced platform for evolution of microorganisms, has been awarded up to 10.3 million euros of funding through the Green Deal call for projects issued by the EIC Accelerator Pilot program for breakthrough innovations.
The total funding awarded includes a 2 million euros grant, 2.6 million euros made available to the company as convertible bonds and additional financing of up to 5.7 million euros reserved for follow on investment. The pre-financing of the grant component was released in December 2020. The terms and conditions for the equity investment were finalized in October 2021 with the EIC Fund.
This funding will enable ALTAR to accelerate the industrialization of its evolution platform and the marketing of outstanding solutions for microbial strain development. ALTAR has a demonstrated track record in the successful development of microorganisms in collaboration with companies of all sizes, including leading corporations, but also SMEs and start-ups in European markets as well as in the USA and Brazil. Its automated evolution platform, which is highly versatile and compatible with non-GMOs, meets the need for efficient solutions that can bring microorganisms to the level of performance required for their competitive exploitation at industrial scale. First applications are already being explored in food, feed, agriculture, biobased chemicals, biofuels, cosmetics or animal health.
“We are grateful for the support from the European Commission and the EIC Fund. They share our ambition to unlock the potential of industrial biotechnology and extend the array of products that can be locally produced from renewable or recycled feedstock”, stated Simon Trancart, ALTAR’s Chief Executive Officer. “The conclusion of this round of financing will enable us to accelerate the pace of our technology innovation, product development and commercial deployment of solutions which comply with the targets set by Europe for reducing greenhouse gas emissions and strengthening energy performance looking ahead to 2030”.
“We are pleased the EIC Fund is backing ALTAR to further develop its technology that brings microbes to performance suitable for utilization in commercial applications. Contributing to the development and scaling of promising new approaches like ALTAR’s to create a sustainable, resilient and circular economy in Europe and support the European transition towards a greener future is paramount.” explained Nicklas Bergman, member of the EIC Fund Investment Committee.