Bind-X (formerly Dust Biosolutions), based at the IZB in Martinsried, aims to make 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, thus solidifying 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 raised will be invested primarily in international expansion and further market entry. The capital comes from HG Ventures, the corporate venture arm of the US-based Heritage Group. Also participating are Berlin-based VC Saxovent, Swiss investor Greeneering Invest, and K&K 1, a first-time investor.
Bind-X is a “great example of a novel technology”
“We are thrilled by the strong interest in our Series B financing round and grateful for the trust that both our existing shareholders (HTGF and Vantage Value) and new investors have placed in Bind-X,”
says Martin Spitznagel, Founder and CEO of Bind-X.
“This financing will enable us to further drive our global expansion, increase our production capacity accordingly, and further expand our team at what are now three international locations.”
Kay Balster, Principal at High-Tech Gründerfonds (HTGF), says about the new investors:
"Our new shareholders ideally complement the existing consortium. Their relevant industry experience will further enhance the current momentum and lead to 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 IZB, explained:
"We are delighted that Bind-X was able to raise a significant round of funding in increasingly challenging times for financing. The biotech company is a great example of a novel technology, of which there are many at the IZB. Our thanks also go to the investors who remain steadfast and believe in Bind-X and the location. I am confident that Bind-X will continue to market its revolutionary technology and advance its vision of improving the sustainability and profitability of industries through the optimization, adaptation, and industrialization of biotechnological processes."
