‘Nature Glue Tech’ is a biological startup focusing on biological adhesive development using red clam protein, and has just received series A investment.
ID Ventures declared on the 29th, together with Posco Capital, that they invested 2.8 billion Korean won.
Including 400 million angel investment from Idea Market Place (IMP) held by Posco, Nature Glue Tech has received a total of 3.2 billion Korean won investment. The company was chosen by TIPS in February to get the maximum amount of 1 billion Korean won investment (100 million from the startup accelerator and 900 million from the government R&D department).
At ‘Challenge! K-Startups 2016’ Nature Glue Tech was given the State Prime Minister Award (the best award available). (From left to right – Nature Glue Tech representative Kim Myeongho, Minister and Chief Minister of the Ministry of Social Affairs Lee Sunsik, Nature Glue Tech representative Cha Hyeongjun)
Nature Glue Tech is a startup that invented a biological adhesive using red clam protein (red clam biological adhesive). Red clam biological adhesive can be used as an underwater adhesive and broken bone adhesive. It has received a lot of attention from the suture market. It can also be used as an adhesive in transplant surgery and human body surgery.
Nature Glue Tech’s goal is to start mass production of red clam biological adhesive by 2018. In order to achieve that, the company will start promoting the product in the international medical market right after they finished development and research.
Nature Glue Tech representative Kim Myeongho said, “In the next 10 years, starting from biological adhesives, the company will produce various products and grow into a professional international biological enterprise with 100 billion Korean won gross sales.”
The ID Venture representative in charge of this investment said, “We always pay attention to Nature Glue Tech patents. The reason for this investment is that we believe the product could become commercial once the preclinical trials and physical testing are finished.”