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.
- 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.
