Biocraft Innovation Technology Raises Funding From JITO Angel Network
IBANSS will use the funds for strengthening the operations, marketing and increase team building activities, and scaling up the production
JITO Angel Network (JAN) has announced to have recently invested an undisclosed amount in the pre-seed funding round in Biocraft Innovation Technology. Promoted as IBANSS (Innovative Bamboo), Biocraft Innovation is developing bamboo resources for India to be used in industrial use by developing injection molding granules that can be used to replace plastic and are 100 per cent biodegradable and cost-effective.
IBANSS will use the funds for strengthening the operations, marketing and increase team building activities, and scaling up the production. This fundraiser will give a big boost to the company to kick start the production of the granules.
Noida-based IBANSS was founded in 2019 by Vibha Mittal and Anubhav Mittal. Going back to nature to find solutions for sustainable materials that replace plastic is the mission at IBANSS.
“Low carbon Bamboo as input feedstock will help brands get compliant with their sustainability targets. These Granules have various applications in most of the industries such as Packaging, Cutlery, textiles, etc. Developed bamboo fiber-based 100 per cent compostable materials that can be used on standard plastic machines. We are excited to get investment from JITO Angel Network for our endeavor to impact environment and livelihood, as it resonates well with our investors’ concerns for sustainable development goals,” explained Anubhav Mittal co-founder, Biocraft.
The technology used by the company was recently covered by the US Embassy Span Magazine. They have also signed an LOI with Fashion for Good to develop Marine compostable textiles to replace polyester and nylon in the fashion industry.
“More than 8 million tons of plastic flood our ocean each year, disrupting fragile marine ecosystems and harming wildlife, such as turtles and other mammals. Bamboo is an ideal plastic substitute and environmentally friendly. We at JITO Angel Network are proud to invest in the future for a sustainable environment,” added Manoj Mehta, deal lead, MTC Group.
The company already has contracts from development agreements with Welspun, Nirmal fibers, Marlux UK, Kering France, Unati, Aspire oral care among others.