Biomanufacturing Startup Intrinsic Foundries Raises ₹12 Cr
What happened
Intrinsic Foundries, a Jharkhand-based biomanufacturing platform, has secured ₹12 crore (approx. $1.4M) in seed funding. The company plans to use the capital to commercialize its technology that converts industrial carbon emissions into valuable materials.
Why it matters
- The seed funding round was led by Transition VC, a venture capital firm focused on the energy transition. - Intrinsic Foundries employs a proprietary biorefinery platform that uses microalgae and modular photobioreactors to convert industrial carbon emissions. The company describes these reactors as "liquid forests" designed for industrial settings. - The captured carbon is transformed into high-value biochemicals for use in the pharmaceutical, nutraceutical, and cosmetic industries, rather than being stored or sold as carbon credits. - Founded in 2023 by Shreyansh Jain, Sanjay Jain, and Umang Jain, the company is headquartered in Hazaribagh, Jharkhand, to be close to industrial clusters in Jharkhand, Odisha, and Chhattisgarh. - The company has already completed a successful proof-of-concept at a thermal power plant, demonstrating continuous carbon capture and operational reliability. - With the new funding, Intrinsic Foundries plans to conduct several industrial pilots and establish its first one-tonne-per-day commercial plant within the next 12–24 months. - A portion of the capital is allocated for establishing a U.S. entity to facilitate international market access and development. - The investment aligns with the Indian government's commitment of ₹20,000 crore to scale up Carbon Capture, Utilisation, and Storage (CCUS) to help meet its net-zero goals.
Key numbers
- Intrinsic Foundries, a Jharkhand-based biomanufacturing platform, has secured ₹12 crore (approx.
- Founded in 2023 by Shreyansh Jain, Sanjay Jain, and Umang Jain, the company is headquartered in Hazaribagh, Jharkhand, to be close to industrial clusters in Jharkhand, Odisha, and Chhattisgarh.
- With the new funding, Intrinsic Foundries plans to conduct several industrial pilots and establish its first one-tonne-per-day commercial plant within the next 12–24 months.
- The investment aligns with the Indian government's commitment of ₹20,000 crore to scale up Carbon Capture, Utilisation, and Storage (CCUS) to help meet its net-zero goals.
What happens next
- With the new funding, Intrinsic Foundries plans to conduct several industrial pilots and establish its first one-tonne-per-day commercial plant within the next 12–24 months.
- The company plans to use the capital to commercialize its technology that converts industrial carbon emissions into valuable materials.
Quick answers
What happened in Biomanufacturing Startup Intrinsic Foundries Raises ₹12 Cr?
Intrinsic Foundries, a Jharkhand-based biomanufacturing platform, has secured ₹12 crore (approx. $1.4M) in seed funding. The company plans to use the capital to commercialize its technology that converts industrial carbon emissions into valuable materials.
Why does Biomanufacturing Startup Intrinsic Foundries Raises ₹12 Cr matter?
The seed funding round was led by Transition VC, a venture capital firm focused on the energy transition. Intrinsic Foundries employs a proprietary biorefinery platform that uses microalgae and modular photobioreactors to convert industrial carbon emissions. The company describes these reactors as "liquid forests" designed for industrial settings. The captured carbon is transformed into high-value biochemicals for use in the pharmaceutical, nutraceutical, and cosmetic industries, rather than being stored or sold as carbon credits. Founded in 2023 by Shreyansh Jain, Sanjay Jain, and Umang Jain, the company is headquartered in Hazaribagh, Jharkhand, to be close to industrial clusters in Jharkhand, Odisha, and Chhattisgarh. The company has already completed a successful proof-of-concept at a thermal power plant, demonstrating continuous carbon capture and operational reliability. With the new funding, Intrinsic Foundries plans to conduct several industrial pilots and establish its first one-tonne-per-day commercial plant within the next 12–24 months. A portion of the capital is allocated for establishing a U.S. entity to facilitate international market access and development. The investment aligns with the Indian government's commitment of ₹20,000 crore to scale up Carbon Capture, Utilisation, and Storage (CCUS) to help meet its net-zero goals.
