MycoSolutions expanding with fresh funds
St.Gallen – MycoSolutions develops products based on indigenous organisms to combat wood destroying fungi. The spin-off of Empa in St. Gallen has just completed a second round of financing. The fresh funds will be used for international expansion.
According to a press release, MycoSolutions has successfully completed its second round of financing. The startup was also able to gain a new major shareholder in Fortyone AG, comprising a group of successful Eastern Swiss entrepreneurs.
MycoSolutions was founded as a spin-off from the Swiss Federal Laboratories for Materials Science and Technology (Empa) and has its headquarters in St.Gallen. The startup has developed a new method for the protection of wood, which is based on indigenous organisms to combat wood destroying fungi. This solution is suited for applications such as protecting wooden telecommunications masts and urban tree populations as well as in organic farming. MycoSolutions is currently working on the development of biotech products based on fungi from nature. These include tonewood for instrument manufacture and a method for the extraction of melanin from fungi for the electrical and sun protection industries.
MycoSolutions intends to use these fresh funds for international expansion. Fortyone Managing Director Marcel Walker believes there are good prospects for “the successful, Europe-wide scaling in the coming years”.