Three First Bight-Backed Companies Awarded Total of $5.25M from U.S. Dept. of Defense's Distributed Bioindustrial Manufacturing Program

HOUSTON, Oct. 3, 2024 /PRNewswire/ -- First Bight Ventures, a Houston-based venture capital firm focused on advancing and accelerating early-stage bioindustrial innovation, announces that three of its portfolio companies have been awarded a combined $5.25 million from the U.S. Department of Defense's Distributed Bioindustrial Manufacturing Program.

Biomanufacturing has the potential to support the U.S. military, allies, and partners by producing essential materials—ranging from fuels and chemicals to food and medical supplies—with significant implications for military readiness.

"The allocation of funds by the federal government will be critical in helping grow biomanufacturing capacity," said First Bight Ventures Founder Veronica Breckenridge (formerly Veronica Wu). "We are very proud to represent three dynamic companies that are awardees of this competitive and widely praised program."

The three First Bight-backed companies that were awarded include:

• Algenesis Corporation, based in San Diego, CA, received $1.5 million for the planning and development of a new domestic facility focused on producing diisocyanates, essential precursors for polyurethanes.
   
• Industrial Microbes, based in Alameda, CA, received $1.55 million to plan a commercial-scale facility for converting ethanol feedstock into acrylic acid, a key component used in coatings, adhesives, sealants, lubricants, corrosion inhibitors, and wound dressings.
   
• Visolis, based in Hayward, CA, received awarded $2.25 million to plan a facility for the domestic production of a platform chemical that can be transformed into rocket propellants, explosive binders, and sustainable aviation fuel.

"This award is a testament to our commitment to advancing sustainable materials and will enable us to contribute to both national security and industrial resilience. Our planned facility represents a key step towards securing a domestic supply of critical components for polyurethanes," said Algenesis Corporation CEO Stephen Mayfield.

"It's exciting to see the federal government acknowledge the importance of expanding the bioeconomy. Even more significant is their commitment to making investments now, marking the start of this promising trajectory," said Breckenridge.

More about First Bight can be found on the company's website at firstbight.com.

SOURCE First Bight Ventures