Sea6 Energy raises $ 9 million from Aqua-Spark in Series B
Sea6 Energy, a seaweed growing and processing company based in Tuticorin and Bali, has raised $ 9 million (around 67 crore) in Series B funding led by Aqua-Spark, the Dutch investment fund for the ‘sustainable agriculture. Singapore-based Silverstrand Capital is the Series B co-investor.
Sea6 Energy, headquartered in Bengaluru, is developing proprietary technologies to convert fresh tropical algae into new, environmentally friendly products for segments such as agriculture, animal health, food ingredients, bioplastics and products renewable chemicals. The company had raised 35 crore in the Series A financing of the Tata Capital Innovation Fund in 2015.
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Sea6 has already commercialized algae-based biostimulants for agriculture in India and overseas markets including the United States, Sri Lanka and Vietnam. The company plans to market animal health products for the shrimp and poultry segment in the near future.
“We plan to use the latest funding to increase our research and development, our processing plant and strengthen the commercialization of our agricultural biostimulants and animal health products,” said Shrikumar Suryanaryan, Managing Director and Co-Founder of Sea6Energy.
The company has developed the proprietary Seacombine, a fully mechanized cultivation system that can simultaneously harvest and replant algae in deep ocean waters, enabling competitive large-scale production. The Seacombine has been deployed in Indonesia, where tropical seaweed is widely cultivated. “The new funds will help finance additional seasombine systems to increase the supply of seaweed raw materials,” Suryanarayan said.
Sea6 plans to bring the Seacombine to India with the resumption of tropical red algae cultivation, which is still in its infancy.
Born in IIT-Madras
Sea6 was founded in 2010 at IIT Madras by Shrikumar Suryanarayan, former R&D manager of Biocon, who was adjunct professor and three biotechnology graduates from the institute – Sailaja Nori, Nelson Vadassery and Sowmya Balendiran. The company has around sixty employees, including around 25 in R&D.
“Sea6’s first-of-its-kind innovation is well positioned to have an impact on the way we grow algae and its use in all industries. Their SeaCombine makes it possible to sustainably exploit the ocean, while capturing CO2 and transforming it into valuable products. The company’s approach impressed us from the start, and we look forward to integrating them into our portfolio and starting to work together, ”said Mike Velings and Amy Novogratz, co-founders of Aqua-Spark.
Mahindra Agri Business and Stanes are helping Sea6 market its products for the agricultural segment in the country.