We spoke to two of the co-founders of a new African Biotech company Immobazyme, who have just been awarded additional funding, bringing their total funding to-date to over $1,3 million.
Ethan Hunter, and Nicholas Enslin, co-founders of Immobazyme, mention that the company has seen impressive year-on-year growth, culminating in the opening of their state-of-the-art independent Biotech laboratory in Stellenbosch in 2023. This was a major infrastructure milestone, that enabled them to scale the business further, and together with the doubling of their research team, has brought Immobazyme closer to its goal of providing sustainable and affordable biologics to the global market.
They have built a solid foundation that they believe will support further expansion and growth of their specialised precision fermentation into new industries and countries.
Immobazyme targets recurring revenue, rather than once-off projects, through biotech technology development and product commercialization by addressing pain points in industries heavily reliant on chemical processes. With their proprietary, novel enzyme immobilisation technology that carries international patents, they are able to produce specific enzymes that are able to replace harmful and environmentally unfriendly chemicals that are widely used in waste management systems and industrial production processes.
Interestingly there is no current legislation in South Africa regarding Bio engineering as found in other countries, however they have ensured that their Biotech labs meet stringent international safety requirements. Ethan further explains that while their biotech processes use bio-engineering, the final products used are all non GMO products that are completely environmentally friendly.
These biotech solutions reduce or remove the need for the use of harsh chemicals, and reduce pollution, provide enhanced product safety, and improve efficiencies in industrial processes. The company’s technology has broad applicability across multiple sectors, positioning it well for widespread adoption.
Ethan provides some insight into their global expansion plans: “We have been fortunate in that some of our early customers are part of global corporations and this is a key to growing internationally.” “Once a new product such as ours has been adopted by a company regionally, and has proven its value and viability, it is much easier to gain adoption across their entire global structure, particularly when globally companies are looking to adopt more sustainable and environmentally friendly processes.”
Immobazyme’s current primary markets include the Food and Beverage, Recycled Paper and Pulp, and Cosmetics industries, with plans to expand into Agriculture, Biofuels, and Pharmaceuticals.
Having gone through several funding rounds we asked for advice on what the best approach for funding applications and funding pitches are?
They offered the following tips:
- Have your proof of concept ready and working
- Use your network and tap into your network’s network
- Know your numbers – absolutely and in detail
- Create strategic partnerships
- Don’t hesitate to seek funding within government and departments of trade
As one of various new Biotech Start-ups, their team believes that the future of Biotech in Africa has great potential and that importantly this will help retain the skills base in Africa and South Africa, that has previously been recruited away by multinationals in Europe and the US and other industrialised nations.
See more about Immobazyne here: Immobazyme | biotechnological solution