The material technology companies Funzionano and Inhibio are merging under the holding company Bioenvision AS to position themselves for global commercialization and growth.
Bioenvision is the result of Funzionano and Inhibio’s innovations coming together. Behind the merger are the owners Investinor, Sintef Venture and Norsk Innovasjonskapital (NIK), which also provide the company with fresh capital. Additional capital raising is planned.
We combine Funzionano and Inhibio to create a growth company for green chemical products
Erik Wold, Investment Manager at Investinor
While Funzionano develops environmentally friendly flame retardants, Inhibio develops technology that prevents growth in the marine environment. Although the technologies and areas of use are different, the companies have several common features. Both are research-driven technology companies with a strong focus on sustainability in so-called “deep-tech”, a collective term for companies with particularly advanced technology development.
– Bioenvision has a wide and attractive product range in the markets for flame retardant, water-repellent, barrier and anti-fouling products. The company has experts in both chemistry and biology. Bioenvision has its own laboratory and advanced lab equipment for product development and testing from idea to market, says Rune Sørum in Norsk Innovasjonskapital.
Funzionano was established as a separate company in 2015 after more than 13 years of research and development at Sintef. The company has developed an environmentally friendly flame retardant solution, D-PYRE®, as well as environmentally friendly water-repellent additives and barrier products. More than NOK 80 million has been invested in the development of hybrid nanoparticles. The company is located on Herøya.
The biotech company Inhibio has developed an environmentally friendly solution that prevents the formation of biofilm or growth, which is a major problem in areas such as shipping, food production and aquaculture. The company is based at the Research Park in Oslo.
The goal of merging the companies is to make better use of the market potential, create a larger and integrated competence environment and a broader product range for the company based at Herøya/Porsgrunn and Oslo. Bioenvision is led by Morten Eikenes, who is currently CEO at Funzionano. The chairman of the board is Leif Svarstad.
– We are very pleased to establish Bioenvision. By joining forces, we can build something bigger together. We thank the trust of our current owners and look forward to the continuation, says Morten Eikenes, CEO at Funzionano.
