Bioformix, a local startup developing sustainable adhesives and plastic
alternatives, has received more than a million dollars in venture
capital funds from local investors, including
Queen City Angels and
CincyTech.
The
Blue Ash-based company launched last year. Its founders are Adam
Malofsky, CEO, Bernard Malofsky, CTO and chief scientist, and Steve
Levin of
Acara Global, who now serves on Bioformix’s board of directors and was the initial seed investor.
The
$1.05 million in funds will be used to increase production efficiency,
secure intellectual property and develop first markets in high value
adhesives. In addition to creating green materials, the company is also
working to assure they are affordable.
"Our extensive prior
experience in multiple areas from our consulting and corporate
experiences catalyzed the creation of Bioformix," said Malofsky.
"Bernie's deep experience with this type of chemistry over a 45-year
career coupled with Steve Levin's and my experience identifying and
assessing innovations allowed us to match this chemistry's
characteristics with a well defined set of market metrics for
sustainable materials." Malofsky spent nearly 25 years in commercial
and product development in chemicals, polymers, and performance
materials.
Bioformix is developing a broad new class of green,
sustainable, environmentally and biologically benign monomers, resins,
and polymers using proprietary new monomer chemistry.
"Bioformix
is poised to quickly commercialize high-margin products that exhibit
product-performance advantages in demanding market segments," said
Bioformix board member Bob Pangborn. "These environmentally friendly
products are derived from natural raw materials, but unlike many
"green" products, they also enjoy an advantageous cost position. I am
most excited about Bioformix' ability to be a major player in these
markets."
Bioformix is Cinytech's 14th portfolio company.
Writer: Feoshia Henderson
Source: Carolyn Pionne, CincyTech
You can follow Feoshia on twitter
@feoshiasoapbox
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