HexisLab secure six-figure funding to deliver innovation project
The company, based at The Catalyst at Newcastle Helix, was awarded the funding in collaboration with Teesside University from Innovate UK, part of UK Research and Innovation (UKRI).
Using its Artificial Intelligent (AI) discovery platform HexisPro.X, the biotech can rapidly identify novel sustainable ingredients with unique benefits, reducing the time and cost of developing a new product in the cosmetics, personal care and pharmaceutical industries.
The funding will be used to advance its research in sustainable ingredients using synthetic biology techniques, with the long-term aim of developing new products that will have a lower environmental impact than traditional synthetic or animal-derived ingredients.
The collaboration with Teesside University and BiBerChem Research will bring together its expertise in AI discovery process with the university's research in synthetic biology.
"We are thrilled to have secured this funding from Innovate UK, which will enable us to further advance our research into sustainable ingredients using synthetic biology," said Dr. Olusola Idowu, CEO of HexisLab.
"This collaboration with Teesside University, led by Associate Professor Dr. M. Safwan Akram an expert in Synthetic biology and BiBerChem Research led by Professor Bernard Golding a Synthetic Organic Chemist brings together our complementary strengths and expertise, and we are excited to see the results of our joint efforts in this important area."
Associate Professor Dr. Safwan Akram at National Horizons Centre, Teesside University, commented: "We are delighted to collaborate with HexisLab on this project, which has the potential to revolutionise the cosmetics and personal care industries, it is our moral responsibility to move towards achieving the goal of net zero."
Idowu added: "The global beauty and personal markets are expected to grow from $483bn to $784bn by 2025, with nearly 70 percent of consumers demanding tailored and sustainable green formulation products. We see a significant gap in the market for developing new products that meet the consumers' needs without increasing the carbon cost and risk to the environment."
The project is expected to have a “significant” impact on the cosmetics, personal-care, and pharmaceutical industries by providing sustainable ingredients that are not only environmentally friendly but also meet consumer demand for natural, safe, and effective products.