Galy raises $33m , backed by H & M , Inditex to …

Galy raises $33m , backed by H & M , Inditex to scale lab - grown cotton

Galy, a company founded in 2019 with a mission to develop ethical and sustainable agricultural solutions, is set to expand its cellular agriculture platform and its flagship product, Galy Cotton. This innovative product uses significantly less water, land, and emits fewer CO2 emissions compared to traditional cotton. The recent funding round, led by Breakthrough Energy Ventures (BEV) and joined by new investors H&M Group and Inditex, aims to advance Galy s technology towards pre-industrial quality and scale. CEO Luciano Bueno emphasizes the importance of Galy s climate adaptation technology in addressing the fragility of agricultural supply chains and the increasing volatility in conventional agriculture due to extreme weather conditions. The company s Galy Cotton fully replicates traditional cotton in quality while offering environmental, social, and governance (ESG) benefits, customizable quality, and a clear path to cost parity. With this success, Galy plans to expand its cellular agriculture platform to include other plant-cell products, targeting a global agricultural market valued at $1.7 trillion annually. The investment round was oversubscribed, with participation from repeat investors, including Material Impact, Eighty Eighty Group, Artesian, BRINC, and Reaction Global. Inditex, a major player in the textile industry, has acquired a stake in Galy, marking a significant step in their commitment to advancing towards a more innovative and responsible textile industry. H&M Group, which sources around 60% of its materials from cotton, is also excited to partner with Galy, aligning with their ambition to use only recycled or sustainable materials by 2030. Breakthrough Energy Ventures Carmichael Roberts highlights the need for alternatives to traditional agriculture that reduce emissions and resource use. Ryan Panchadsaram, John Doerr s technical advisor at Kleiner Perkins, praises Galy s breakthrough in growing agriculture in a bioreactor as a game-changer. Overall, Galy s innovative cellular agriculture technology and its

Source: just-style.com
Published on 2024-09-11

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