Team of scientists originating from the Warsaw University of Technology, led by Mateusz Delekta and supervised by prof. Tomasz Ciach, will develop an innovative way of growing and exploring the applications of marine algae. The Green Goods project will be developed in partnership with Black Pearls VC and the industry specific co-investor from the US.
The project’s supervisor – professor Tomasz Ciach is an accomplished Polish scientist specializing in fields such as chemistry, nanotechnology and biology. He is also Head of the Department of Biotechnology and Bioprocessing Engineering at Warsaw University of Technology, a leading technical university in Central and Eastern Europe. Having founded NanoGroup – a biotech company now entering the Warsaw Stock Exchange – he has accumulated vast experience in R&D projects and commercialization.
The project will be divided into two phases: research and, later on – commercialization. As much as PLN 3M of funding for the project will be provided by LQT Fund II, Black Pearls VC managed fund, created under the National Research and Development Center’s BRIdge Alfa program. A key Limited Partner of the fund is the Foundation for Polish Science – which, besides playing a role of an institutional investor in the fund, focuses on supporting Polish science through various scientific programs and grants.
Green Goods is the first investment of Black Pearls VC from LQT Fund II from the LQT Fund II, created as part of the National Center for Research and Development BRIdge Alfa program. The fund was set up to support early stage R&D projects with high commercialization potential.
Two more investments are planned this year. Our plan is to choose a total of about 10 projects, and invest up to PLN 3M (USD 850k) per company.
Marcin P. Kowalik, Black Pearls VC, Managing Partner
R&D projects are considered risky in terms of investments, the presence of experienced investors willing to support this type of business is crucial.
Mateusz Delekta, Green Goods
LQT Fund II is the continuation of Black Pearls VC’s experience in the commercialization of R&D projects – acquired during the lifespan of LQT Fund, the first fund dedicated to Life Quality Technologies run by the firm. Within this investment category, Black Pearls VC has supported the development of companies from fields such as: pharmacology (Inpharmica), pharmaceutical care (Piktorex), ITS (Parkanizer), artificial intelligence (Quantum Lab) or voice biometrics (Voice Lab).Consequently, based on past experience, the new fund will again support innovations that enhance the quality of human life in order to address the current demographic, labor and business challenges arising from social changes.
