Bind-X (formerly Dust Biosolutions) based at the IZB in Martinsried is committed to making agriculture, mining, and the infrastructure sector more sustainable through the use of bio-based products. To achieve this, the startup relies on the biogeochemical process of microbiologically induced calcite precipitation. Microorganisms ensure that calcium carbonate accumulates in the soil and strengthens it. This is intended to bind dust, control weeds, and reduce the use of bitumen in road construction, among other things.
The startup has now successfully completed its Series B financing round. The 10 million euros raised will be invested primarily in international expansion and further market entries. The funding comes from HG Ventures, the corporate venture arm of the Heritage Group from the USA. Additionally, Berlin-based VC Saxovent, Swiss investor Greeneering Invest, and K&K 1, an investor making its first appearance with this investment, are participating.
Bind-X a “great example of innovative technology”
“We are delighted by the strong interest in our Series B financing round and grateful for the confidence that both our existing investors (HTGF and Vantage Value) and new investors are placing in Bind-X”,
says Martin Spitznagel, founder and CEO of Bind-X.
“This financing will enable us to continue driving our global expansion, increase our production capacity accordingly, and further expand our team across three international locations.”
Kay Balster, Principal at High-Tech Gründerfonds (HTGF), comments on the new investors:
“Our new partners complement the existing consortium ideally. Their relevant industry expertise will further strengthen current momentum and drive strong growth in our core markets.”
The IZB, where Bind-X is based, is also pleased about the financing round. Peter Hanns Zobel, managing director of the IZB, explains:
“We are delighted that Bind-X was able to raise a significant round in increasingly difficult financing times. This biotech company is a great example of innovative technology, of which there are many at the IZB. Our thanks also go to the investors who remain confident and believe in Bind-X and this location. I am confident that Bind-X will continue to establish its revolutionary technology in the market and advance its vision of improving the sustainability and profitability of industries through the optimization, adaptation, and industrialization of biotechnological processes.”
