MicroBite Raises $1.5 Million In Pre-Series A Funding Round
The startup aims to further its R&D ﬁndings for extension of this technology to other potential applications such as beverages, active pharmaceutical ingredients, bioplastic industries
MicroBite on Thursday announced to have raised $1.5 million funding in pre-Series A from Vijay Madduri and other leading angel investors. Funds will be utilized to establish a bioethanol plant that utilises its proprietary counter-ﬂow multistage extractive fermentation technology in producing bioethanol with improved chemical kinetics.
"With the infusion of additional incentives by the government of India via National Ethanol Blending Programme, the Ethanol market in India is set to grow 250 per cent by 2025-26. We have developed a technology that not only makes it possible to setup a production plant at reduced capital costs, but also operates with improved chemical kinetics; while also giving an option of raw material switch ability," said Praveen Gorakavi, CEO, Microbite.
In India, majority of BioEthanol production plants follow the ﬁrst generation-based batch processes in producing bioethanol, which is not only time-consuming but also capital intensive. India imports 82 per cent of its crude oil that accounts to nearly $100 billion a year. In accordance to the India's ambitious AtmaNirbhar Bharat, the government of India announced the blending programme to cut down the imports by up to 20 per cent by 2025, according to a statement given by the company.
"Bioethanol will be a major contributor towards environmental sustainability in the future. Indian Government is rightly promoting the biofuel industry via Ethanol blending programme, aiming to reduce the country's carbon footprint. We are conﬁdent on our technology and this is just about right time to enter in this industry," said Vijay Madduri
MicroBite is a sister concern of The Phi Factory, that is specialised in new innovative products, process intensiﬁcation and low-cost innovations. Co-founded by Praveen Kumar Gorakavi and Dr. Jale Meghana Reddy, the startup aims at developing multiple applications for its innovative fermentation technology across multiple domains of biochemical reactions. The startup is also aiming to further its R&D ﬁndings for extension of this technology to other potential applications such as beverages, active pharmaceutical ingredients, bioplastic industries.