Bioworks secures JPY100.8 million from KKT for plant-based fibers
The PlaX developer will use the equity investment for development, patents, staffing and working capital.
Bioworks has received JPY100.8 million from KKT through a subscription for newly issued common shares. Announced on November 9, the investment was executed on October 23 and covers 21 shares priced at JPY4.8 million each.
The capital will support development and patent costs, personnel and contractors, and working capital. KKT also plans to explore uses for Bioworks materials across its sports, tourism and hospitality businesses.
Bioworks develops PlaX, which combines plant-based polylactic acid with proprietary additives to improve fiber performance and dyeability. The material is offered for clothing, household textiles and industrial uses.
Use of funds
PlaX development and patents
Hiring and contractors
Working capital