C16 Biosciences, a company seeking to commercialize a manufactured alternative to palm oil, announced yesterday that it has raised $20 million in Series A funding from backers including the Bill Gates-led Breakthrough Energy Ventures.
Why it matters: Palm oil is used in a massive array of products — from shampoo to foods to biofuels.
- Palm plantations are fueling deforestation that releases CO2 and erodes wildlife habitat in multiple countries.
How it works: The New York-based startup has a fermentation-based “bio-manufacturing” process for “brewing palm oil like beer.”