SCOTTISH-based cleantech bioscience company Penrhos Bio has raised £3 million in Series A funding. The raise comes from a consortium of investors including St Andrews-based firm Eos, New York branding partner Earthbound Brands LLC, and Scotland’s national economic development agency Scottish Enterprise, with several individuals and current shareholders also participating. The funding round was also supported by Innova Partnerships. The investment will accelerate the regulatory submission and commercialisation of the firm’s pioneering anti-biofilm technology, Remora.
Originally developed in collaboration with Unilever, Remora protects surfaces against multi-species harmful bacteria, fungi, and algae. The technology provides a sustainable alternative to disinfectants and antimicrobial agents in domestic and industrial settings.
The company has also appointed Earthbound Brands LLC co-founder and CEO, Jeff Cohen, and Eos partner Andrew Durkie to the Board.
Commenting, Penrhos Bio CEO Professor Richard Hammond said: “Remora is inspired by nature, with sustainability and the environment at the front and centre of everything we do. With the support of our current investor base and new investors, we continue to build the business. This investment will allow us to accelerate our regulatory activities leading to active registration alongside building our brand value in Remora. We welcome Jeff Cohen and Andrew Durkie to our Board and look forward to their expertise and guidance as we continue to build the business.”
Penrhos Bio is already working with multiple corporate partners spanning agtech, marine, renewables, and healthcare. In June this year, working with commercial healthcare partner Pro3dure Medical, the use of Remora was approved by Health Canada for use in 3D printed dental medical devices.
The next phase will see more product launches as Penrhos moves through the necessary regulatory approval processes alongside its commercial partners.
Richard Hammond added: “We are excited with the progress Penrhos has made to date and look forward to continued commercial success. There are some exiting developments in the pipeline, and I would like to thank all the shareholders for their support of the business to enable these going forward.”
Andrew Durkie, Partner at Eos, added: “Since we invested in 2022, Richard and his team have continued to impress Eos with their scale of ambition and progress. Remora is a brand that has the potential to be a game-changer across multiple industries. Penhros Bio is precisely the kind of impact investment Eos was set up to support.”
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, said: “With a wide range of applications and target industries Penrhos Bio’s new anti-biofilm technology is primed for commercial success and has strong appeal for international markets. Its innovative approach provides a sustainable alternative to products currently available, giving it a unique selling point that is sure to accelerate the company’s growth.”