PARIS - French biotech startup Pili, which seeks to develop plant-based dyes and pigments for the textile industry, has raised US$15.8 million in a Series A funding round to accelerate its industrialisation plans.
The company will use the investment to produce its first tons of plant-based indigo which it says drastically reduces the oil dependence of conventional fossil-based indigo and also cuts CO2 emissions by more than 50 per cent.
Pili CEO Jérémie Blache commented: "Decarbonising the colour industry is challenging as it relies on cheap fossil-based resources. With more than €30 million (US$32m) invested since its creation, Pili is building up the necessary capacity to revolutionise colour production globally and do without oil as the main raw material."
