twittertopbarlinks_eventstopbarlinks_requesttopbarlinks_archives
Click here for more information about Liqofluxphenometrics515R1
Visit cricatalyst.com!Commercial Algae Professionals spacer

Money

Algaeon expands with $2.75M funding

May 13, 2014
AlgaeIndustryMagazine.com

VP Business Development at Algaeon, Inc., Mike Neibler

VP Business Development at Algaeon, Inc., Mike Neibler

D an Human reports in the Indianapolis Business Journal that Indianapolis-based Algaeon Inc. plans to use $2.75 million in new funding to begin commercial production of its algae-based nutritional supplements.
 The company will move into an acre of greenhouse space owned by Heartland Growers at 2621 E. 186th St., in Westfield, Indiana, and install more than 800 of its bioreactors.

Founded in 2008, Algaeon has supported itself on seed funding while using a 0.10-acre greenhouse space to develop two main products. The recent investment will let Algaeon begin fulfilling contracts and generating revenue, said Mike Neibler, the company’s vice president of business development.

In June Algaeon will begin selling Astaxanthin, which they will market as a prevention for eye, heart and brain degeneration, as well as an anti-inflammatory for joints. Immune system booster Beta glucan will come to market later this year as a replacement for antibiotics in animal feed.

Algaeon has formed a strategic partnership with Heartland Growers that will provide it with greenhouse-operations expertise and expansion potential. Heartland operates 25 acres of greenhouses at the site.

Algaeon has gone through three prior rounds of funding that raised a total of $2 million, with the last round wrapping up in January 2013.
City Securities Corp. and BioCrossroads’ Indiana Seed Fund II returned as investors to the latest round. New investors included Bromet Capital Partners and several unnamed contributors.

More Like This…

HOME A.I.M. Archives

Copyright ©2010-2017 AlgaeIndustryMagazine.com. All rights reserved. Permission required to reprint this article in its entirety. Must include copyright statement and live hyperlinks. Contact editorial@algaeindustrymagazine.com. A.I.M. accepts unsolicited manuscripts for consideration, and takes no responsibility for the validity of claims made in submitted editorial.

From The A.I.M. Archives

— Refresh Page for More Choices
Cheryl Katz writes in National Geographic that Iceland’s last living lake balls are disappearing. The fluffy green supersize diatoms as large as a head of cabbage are one...
For plants and algae that carry on photosynthesis, light can be too much of a good thing. On a bright, sunny day, a plant might only be able to utilize 20 percent or less...
Algae.Tec has announced that, with the completion of the US$1M injection by Gencore, their nutraceutical plant upgrade in Cummings, Georgia, is progressing ahead of sched...
If you’re a fan of the television show “Shark Tank”, you won't want to miss the episode that airs this Friday, November 18th 9:00-10:00 p.m. EST on ABC Television, when C...
Forbes is running an interview with Bren Smith, an Ashoka Fellow and the founder of GreenWave, an organization dedicated to restoring oceans, mitigating climate change an...
Discovering which algae species is best suited to make biofuel is no small task. Researchers have tried to evaluate algae in test tubes, but often find lab results don’t ...