Australian startup secures funding for interesting textile material
18/10/2017
The company, Nanollose, was founded in 2014 by Gary Cass, who inadvertently discovered the building blocks of the fabric while making wine. The wine became infected by naturally occurring bacteria, which turned it into vinegar. It also created an unexpected by-product in the form of cellulose fibres. The discovery prompted Mr Cass to begin developing a fabric made out of the fibres.
The company has also developed fabric using cellulose from fermented beer, as well as from non-alcoholic sources like sugar.
Investors purchased a total of 25 million shares in the company ahead of its listing on the Australian Stock Exchange on October 18.
Of the A$5 million raised, the company will use A$2.2 million for research and development to develop its textiles. Around A$400,000 will be set aside for patent applications and marketing activities.
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