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Funding · Climate, Energy & Sustainability

Intrinsic Foundries raises ₹12 Cr seed funding for algae-based carbon capture

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Date
Company
Intrinsic Foundries
What it does
algae-based carbon capture
Kind
Funding
Amount
₹12 Cr
Stage
seed
Founded
2023
Sector
Climate, Energy & Sustainability

What they do

Intrinsic Foundries uses algae to capture carbon dioxide from industrial waste and convert it into valuable biochemicals

What happened

The startup raised ₹12 crore in seed funding from Transition VC in February 2023 to expand research, conduct pilots, and grow its team

Why it matters

The company aims to address the high costs and low returns of traditional carbon capture technologies by using algae, which grows rapidly and can produce…

The details

  • Intrinsic Foundries, a Jharkhand-based startup, raised ₹12 crore in seed funding from Transition VC in February 2023 to expand its research and commercial pilots.
  • The company focuses on algae-based carbon capture and utilisation (CCUS) to convert industrial waste into valuable biochemicals.
  • Its founders, Shreyansh Jain, Sanjay Jain, and Umang Jain, aim to address the high costs and inefficiencies of traditional CCUS methods.
  • Algae is chosen for its rapid growth and ability to produce complex biomolecules, unlike other microbes like E. coli or yeast.
  • The startup has participated in incubator programs at IIM Ahmedabad and Shell.

The bigger picture

  • CCUS technologies are struggling to meet global climate goals, with only 40% of the target expected to be met by 2030.
  • India's government has allocated ₹20,000 crore to scale up CCUS technologies to capture 750 million tonnes of emissions by 2050.
  • The global CCUS market is expected to grow at an 8% annual rate, reaching $6.17 billion by 2033.
  • Intrinsic Foundries aims to make carbon capture a value-adding process rather than a cost centre.

About the business

  • Intrinsic Foundries uses algae to capture carbon dioxide from industrial waste and convert it into useful biochemicals.
  • The startup has developed two CCUS platforms for different types of waste streams.
  • It targets industries like steel, cement, and chemicals, which are major sources of carbon emissions.
  • The company aims to help manufacturers charge a 'green premium' for sustainably produced goods.
  • Its technology is designed to be more cost-effective and scalable than traditional CCUS methods.

What happens next

  • Expand research and commercial pilots.
  • Grow the team.
  • Scale up algae-based CCUS platforms.

The deal

Type
funding

Investors

Founders

  • Shreyansh Jain, co-founder
  • Sanjay Jain, co-founder
  • Umang Jain, co-founder

About Intrinsic Foundries

Product
Microbial biorefinery systems and modular photobioreactors converting industrial emissions and residues into biochemicals
Customers
Food, pharmaceutical, nutraceutical, cosmetic, agricultural and advanced materials industries
How it makes money
B2B supply of sustainable biochemical ingredients with revenue from carbon credits and product sales
What sets it apart
Scalable revenue-positive decarbonization transforming emissions into essential product inputs

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