Cutting-edge Cambridge Biotech firm receives half-a-million pound investment package

12 Jun 2024

A cutting-edge Biotech firm based in Cambridge has received a half-a-million-pound investment as part of a new pilot investment programme led by Innovate UK.

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Evoralis Ltd is one of the first company to benefit from the programme and its investment portfolio will be managed by CPI Enterprises, the investment arm of CPI

The investment is part of a UK Government strategy to invest in innovative companies with a high growth potential. 

Evoralis is an enzyme development company, specialising in enzymes (biocatalysts) that can break down plastics for a truly circular economy.

The company is developing completely new commercially viable enzymes to enable the recycling of plastics like polyester (PET), nylon (PA) or polyurethane (PUR). Its initial focus is the textile industry, which could enable over 80% of all textiles to become recyclable within 2 years. 

Enzymatic recycling has been recognised as one of the most promising solutions for plastic and textile recycling. 

The state-of-the-art process developed by Evoralis means they can find the specific enzymes needed to break down previously unrecyclable plastics significantly faster than current methods. Using this technique, Evoralis can develop enzymes within 1 to 2 years, compared with 5 to 10 years using other methods. 

Frank Millar, CEO of CPI, said:

As a partner to many leading innovators, CPI is uniquely positioned to leverage world-class expertise and support businesses from innovation to commercialisation. 

I’m delighted that we can extend our working relationship with Evoralis by collaborating with the company to scale up new technology that will accelerate the circular economy in textiles. The Evoralis management team has built an impressive technology platform, and we are keen to support and contribute to the business as it enters an exciting new phase of growth. 

Our partnership with Innovate UK will open further opportunities to invest in novel early-stage technologies with exciting potential for economic and sustainability impacts, and we are committed to its long-term success.”

Daniel Kaute, CEO of Evoralis, commented:

We are immensely grateful for Innovate UK’s and CPI’s support through this investment, which is crucial for launching our technology and developing enzymes that can make the plastics and textile industries truly circular.”

Tackling the plastic problem: How manufacturing industries are innovating to develop sustainable solutions 

Graeme Cruickshank

Graeme Cruickshank

Chief Technology and Innovation Officer

CPI is your innovation partner to make your ideas a reality.