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HydRegen, a British industrial biotechnology startup, raised $8 million (£6 million) in Series A funding, CEO Holly Reeve tells Axios.

The big picture: Industrial biotech companies have historically struggled to scale commercially due to high manufacturing costs.

How it works: The Oxford-based company develops enzyme-based catalysts to replace precious-metal catalysts used in chemical manufacturing.

The technology is designed to integrate into existing manufacturing equipment and its single core enzyme can be used across hundreds of chemical reactions.

Follow the money: Genoa Ventures led, joined by Clean Growth Fund and First Imagine Ventures, Oxford Technology Management, Headington Holdings, Oxonian, Foxglove Capital and Rapid Innovation Group.

Reeve says the funding provides roughly three years of runway and will support manufacturing scale-up and commercial expansion.

Between the lines: Biomanufacturers are increasingly focused on flexible production processes that can scale commercially without sacrificing efficiency.

"We've now demonstrated that our technology can deliver commercially relevant performance, and we've built a growing pipeline of customer opportunities," Reeve says.

What's next: HydRegen plans to expand beyond its initial pharmaceutical and specialty chemical customers into agrochemicals, materials and bulk chemicals.

HydRegen raises $8M to expand chemical manufacturing tech

Industrial biotech companies have historically struggled to scale commercially due to high manufacturing costs.

Illustration of a pipette dropping droplets of coins into a test tube.

HydRegen, a British industrial biotechnology startup, raised $8 million (£6 million) in Series A funding, CEO Holly Reeve tells Axios.The big picture: Industrial biotech companies have <a class="gtmContentClick" data-vars-link-text="historically struggled" data-vars-click-url="https://www.bcg.com/publications/2024/breaking-the-cost-barrier-on-biomanufacturing" data-vars-content-id="fe8b2046-b44c-4bed-a5d5-8c37be171f8a" data-vars-headline="HydRegen raises $8M to expand chemical manufacturing tech" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.bcg.com/publications/2024/breaking-the-cost-barrier-on-biomanufacturing" target="_blank">historically struggled</a> to scale commercially due to high manufacturing costs.

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HydRegen raises $8M to expand chemical manufacturing tech

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