Sustainable materials company Bioformix receives $1.05 million in VC funds

Bioformix, a local startup developing sustainable adhesives and plastic alternatives, has received more than a million dollars in venture capital funds from local investors, including Queen City Angels and CincyTech.

The Blue Ash-based company launched last year. Its founders are Adam Malofsky, CEO, Bernard Malofsky, CTO and chief scientist, and Steve Levin of Acara Global, who now serves on Bioformix’s board of directors and was the initial seed investor.

The $1.05 million in funds will be used to increase production efficiency, secure intellectual property and develop first markets in high value adhesives. In addition to creating green materials, the company is also working to assure they are affordable.
"Our extensive prior experience in multiple areas from our consulting and corporate experiences catalyzed the creation of Bioformix," said Malofsky. "Bernie's deep experience with this type of chemistry over a 45-year career coupled with Steve Levin's and my experience identifying and assessing innovations allowed us to match this chemistry's characteristics with a well defined set of market metrics for sustainable materials."  Malofsky spent nearly 25 years in commercial and product development in chemicals, polymers, and performance materials.

Bioformix is developing a broad new class of green, sustainable, environmentally and biologically benign monomers, resins, and polymers using proprietary new monomer chemistry.

"Bioformix is poised to quickly commercialize high-margin products that exhibit product-performance advantages in demanding market segments," said Bioformix board member Bob Pangborn. "These environmentally friendly products are derived from natural raw materials, but unlike many "green" products, they also enjoy an advantageous cost position. I am most excited about Bioformix' ability to be a major player in these markets."

Bioformix is Cinytech's 14th portfolio company.

Writer: Feoshia Henderson
Source: Carolyn Pionne, CincyTech

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