Checkerspot closes $36 million for performance biomaterials platform
Materials innovation company Checkerspot has closed Series B financing of $36 million to help expand its work in creating performance biomaterials for outdoors and recreational industries.
According to the company, Checkerspot “designs performance materials at a molecular level”, using microbes to biomanufacture compounds based on microalgae oil components such as fatty acids and triglycerides that they said have not previously been accessible at commercial scale.
Currently, Checkerspot is commercialising an algal oil formulated into a wicking textile finish for Beyond Surface Technologies (BST) called MiDori BioWick. The two companies, Checkerspot and BST, are also working with Gore on a future non-PFC DWR.
Three materials already on the market include a light-weight urethane-based composite and a cast urethane, both of which launched in a backcountry ski application by outdoor recreation brand WNDR Alpine. The Algal Core composite uses a biobased urethane foam with a carbon content of greater than 40%, and the Algal Wall cast polyurethane sidewalls are made with the company’s biobased polyurethane.
“Understanding the genomics of microalgae allows us to connect the world of biotechnology to bespoke materials and high-performance consumer products,” said Scott Franklin, chief scientific officer and co-founder. “Through rapid formulation, fabrication and prototyping, we are able to dial in material performance in products in as little as 72 hours. These materials we are focusing on have wide application potential in a range of industries, and this new funding will allow us to grow our platform and expand our reach into those markets.”
The financing was led by Viking Global Investors, with participation from other existing investors Builders VC and Breakout Ventures, as well as Wilbur Ellis’s Cavallo Ventures. Including this latest round, Checkerspot has now raised more than $50 million.
