This will be followed up in coming months by further announcements on construction, architecture and other development partners. They expect to break ground on the facility in the third quarter of 2023. The company is still very much in the early stages, with the co-founders saying their most important milestone was the launch of the development of its first facility that includes site selection and initial design. ![]() ![]() Lachter said what Planetary is doing is “indeed trying to close the capacity gap in fermentation,” but where Synonym varies is its approach to “focusing more on productization and financialization of facilities rather than a more traditional CMO model.” ![]() The global contract bio-manufacturing organization market, which venture-backed startups like Planetary and Culture Biosciences are doing, was estimated to be $22.2 billion in 2021 and is expected to more than double by 2030. “The means of production for these products will therefore be crucial, and Synonym’s core insight is that when it comes to industrial infrastructure, productization precedes financialization which precedes mass adoption.” “Costs will be the driving factor to adoption and production costs have prevented them from already entering supply chains,” Shenderovich said. They either have to build their own facility - which costs hundreds of millions of dollars - or rely on contract manufacturing organizations to produce products on their behalf. However, Shenderovich and Lachter say this will only be possible if bioproducts, for example, dairy protein, polymers and resins, reach cost parity to legacy products.Īnd right now, the infrastructure to properly scale “does not exist today” in a way that enables companies to make the quantity at the kind of quality that will meet future demand. government’s recent executive order on bio-manufacturing that wants to accelerate innovation in this area to meet goals around climate and energy goals, food security and sustainability and supply chains. On the investor side, the company said it is building an underwriting model to provide ESG investment opportunities. Synonym is developing both the standardized designs and underwriting standards for financing its fermentation farms so that companies will be able to easily utilize them to produce better quality bioproducts at lower costs than existing options. “This means focusing on hiring across our design, engineering and finance teams to lay the foundations for our first facility break-ground and accelerate our outreach for strategic partnerships across the value chain.” “We plan to use the capital to catalyze our facility development efforts,” CEO Shenderovich said. Shenderovich and Lachter closed on the funding this month and told TechCrunch via email that the pre-seed round “has allowed us to build an exceptional and well-rounded launch team and establish our product in the market.” This connection is stronger, however, in noble than in honorable.ĭescribe a particularly honorable person with the help of Grammar Coach.Armed with $6.3 million in new pre-seed capital, Synonym Biotechnologies has begun the development phase for its first productized bio-manufacturing facilities for non-pharmaceutical applications.Įdward Shenderovich and Joshua Lachter started the company in January 2022 to develop, finance and build commercial-scale bio-manufacturing facilities to provide synthetic biology producers of all size with flexible production capacity while also giving infrastructure investors access to a new, carbon-negative bio-manufacturing asset class they are calling “fermentation farms.”Īndreessen Horowitz, Giant Ventures, Blue Horizon, Thia Ventures and other venture funds active in decarbonization were part of the investment. ✅ The common idea behind these words is that being of high rank means you are moral and good, which is not actually true. It is similar to a business partnership, with one key. A joint venture is a contractual business undertaking between two or more parties. ✅ While these two words are very similar, noble focuses particularly on a sense of moral excellence, whereas honorable focuses particularly on values of honesty and integrity ( Donating your salary to charity was a noble thing to do It was honorable of you to come clean). joint venture: An association of two or more individuals or companies engaged in a solitary business enterprise for profit without actual partnership or incorporation also called a joint adventure. ![]() Honorable can also describe being of high rank ( I knew he was honorable, so I was happy to lend him money It’s a delight to receive such an honorable guest). ✅ Honorable describes having honor: that is, being honest, fair, and otherwise moral. ✅ Noble used to primarily describe being of high social rank, but now means having a particularly good or strong sense of morals ( The king has a noble visitor She was a noble and brave person).
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