Solvay Joins Genesis Consortium to Boost Biotech
Solvay’s venture capital fund has joined the Genesis Consortium, a global alliance of venture capital firms and corporations that support startups leveraging biotechnology to promote both human and planetary health.
Genesis was founded by Silicon Valley-based venture capital companies SOSV and Mayfield. SOSV operates IndieBio, a startup development program that is focused on categories such as food, agriculture, materials, climate technology and biopharma.
Some of IndieBio’s portfolio have ties with Solvay’s key markets, including agritech, food, bio-based materials and personal care. Solvay said the investment will enable it to “accelerate and expand its offering of innovating solutions using biotechnology.”
Solvay CEO Ilham Kadri said that the Genesis Consortium and SOSV’s IndieBio will reinforce the company’s position in biotech and help it better serve its customers. “From agriculture to personal care, food and beverages to aerospace, we can modify the chemistry to the sectors where chemistry can employ industrial biotech and renewable feedstocks to provide sustainable, value-added alternatives,” she added.
Sean O’Sullivan, founder and managing general partner at SOSV, added: “Using efficiencies only possible through biology, IndieBio startups are reinventing the world's means of production of foods and materials. It’s a great sign for the future that materials and chemistry companies with tens of billions in revenue, like Solvay, are joining side by side with IndieBio startups to create a healthier future.”
IndieBio claims to be the world’s largest early-stage biotech program. SOSV said during the past five and a half years it has invested $50 million in IndieBio startups, which went on to raise over $700 million in total. Today, those startups represent an enterprise value of more than $3.2 billion, according to SOSV.
Author: Elaine Burridge, Freelance Journalist
