“We’re excited to have the opportunity to accelerate our mission with support from existing and new investors, Material Impact and HSBC Asset Management’s Climate Tech VC Fund, who share our vision for a sustainable and scalable future for consumer goods.”
SAN FRANCISCO (PRWEB) July 27, 2022
- Huue is a synthetic biotech company on a mission to culture nature’s rainbow, starting with the first indigo blue that doesn’t rely on petroleum or toxic chemicals
- Series A investment led by Material Impact, with participation from HSBC Asset Management’s Climate Tech VC Fund
- Funding to be leveraged to launch commercial pilots and scale up Huue’s dye production with leading denim manufacturers
Huue, a pioneer of sustainable bio-based dyes and TIME Best Invention of 2021, today announced a $14.6M Series A led by Material Impact with participation from HSBC Asset Management’s Climate Tech VC and all existing investors – SOSV’s IndieBio, iGlobe and Nobel prize winner and CRISPR Technology inventor Jennifer Doudna and Professor Jamie Cate. Corinna Chen, Partner at Material Impact, will join Huue’s Board of Directors. Huue’s new financing will be used to accelerate the commercial scale-up of the company’s sustainable indigo dye for fashion industry partners, with other potential applications in food and cosmetics.
“The world can’t wait for sustainable solutions, and consumers are starting to hold their favorite brands accountable to using eco-friendly materials in their products,” said Michelle Zhu, CEO and co-founder of Huue. “At Huue, we've developed a way to tap into biology’s artistry to create clean color solutions – without the environmental impact and harmful chemicals. We’re excited to have the opportunity to accelerate our mission with support from existing and new investors, Material Impact and HSBC Asset Management’s Climate Tech VC Fund, who share our vision for a sustainable and scalable future for consumer goods.”
“At Material Impact, we seek out deep tech innovation that has the capacity to solve meaningful world problems,” said Corinna Chen, Partner at Material Impact. “Huue’s breakthrough approach to bio-based dye manufacturing is a true gamechanger for industries under mounting pressure to minimize their environmental footprint. Huue’s market entry is perfectly timed, and we are thrilled to be partnering with this talented team to scale up and commercialize the dye of the future.”
Huue’s new funding comes at a moment when demand for sustainability in the fashion industry is at an all-time high. While many brands seek to deliver more environmentally-friendly fibers and fabrics, there have always been challenges in how to sustainably produce dyes. Textile dyeing is the second-largest polluter of water globally, and for the last century, dyes have been made from petroleum and with harsh chemicals like cyanide and formaldehyde in the case of indigo.Using a proprietary bio-based process, Huue produces indigo that’s just as effective for denim as conventional solutions, without the environmental impact and harmful chemicals. Huue’s enzymatically produced dye mimics how colors are produced in nature, and is the only bio-based technology that is sustainable while also slotting into the existing denim manufacturing process as a one-to-one solution. Huue’s first color is indigo for denim, the most common apparel item in the world, but the potential of Huue’s technology and dye solutions extend to colors beyond indigo and have potential applications for food & beverage, and personal care companies.
Huue uses biotechnology to create the world’s most sustainable dyes for the industries that are shaping the future. Huue’s bio-based technology mirrors how color is produced in the natural world, resulting in sustainable dyes that are just as effective as conventional — without the environmental impact and toxic chemicals. Learn more at https://www.huue.bio/.
About Material Impact
Material Impact is a champion of the bravest ideas for the future, building deep tech companies powered by material science that solve enduring, large-scale, real-world problems. Learn more at http://www.materialimpact.com.
About HSBC Asset Management
HSBC Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC’s worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Asset Management connects clients to investment opportunities around the world through an international network of offices in 24 countries and territories, delivering global capabilities with local market insight. As of 31 March 2022, HSBC Asset Management managed assets totaling US$618bn on behalf of its clients. For more information, see assetmanagement.us.hsbc.com/ HSBC Asset Management is the brand name for the asset management businesses of HSBC Group. HSBC Asset Management (USA) Inc. is an investment adviser registered with the US Securities and Exchange Commission. HSBC Asset Management (USA) Inc. serves as the investment adviser to the HSBC Funds. HSBC Securities (USA) Inc., member NYSE, FINRA and SIPC, is a sub-distributor of the HSBC Funds. Affiliates of HSBC Asset Management (USA) Inc. may receive fees for providing various services to the funds