Chile’s ByBug Closes $1.4 Million Seed Round

ByBug, a Chilean biotechnology startup specializing in biomanufacturing with insects, has announced the closure of its seed funding round, raising USD 1.4 million. The round, completed in March, saw participation from Südlich Capital and Arpegio VC from Chile, GRIDX from Argentina, Halcyon Venture Partners, and Atento Capital from the United States.

The company is focused on developing innovative solutions through the genetic editing of insects. Their technology enables the production of recombinant proteins and other sustainable bioproducts, promoting a more sustainable and efficient future in the biomanufacturing industry.

Matías Peire, CEO of GRIDX, expressed confidence in ByBug’s capabilities and ambition. “The development of a platform for producing recombinant proteins in insects is a significant endeavor. ByBug is not just addressing waste management but is also at the forefront of knowledge with the genetic editing of soldier flies.”

Maxime Freyss, Fund Manager of VC at Südlich Capital, highlighted the potential impact of the investment on the aquaculture and poultry industries. “Our investment in ByBug aims to inspire a shift towards sustainability and innovation throughout the entire food production chain.”

Over the past two years, ByBug’s founding team—José del Solar (CEO), Daniel Troncoso (CTO), Rocío Espinosa (COO), and Gerardo Bluske (CBO)—has developed an innovative biomanufacturing method known as ByBug Synthetics. This method utilizes insects and genetic engineering to transform agricultural byproducts into recombinant proteins, such as antibodies and enzymes. These advancements have earned the trust and support of a strong group of investors.

José Del Solar, CEO of ByBug, emphasized the significance of the investment: “This funding is a crucial milestone for ByBug. It will enable us to expand our R&D center in Coquimbo and initiate commercial operations in Tulsa, Oklahoma, marking a significant step towards our internationalization. Our new base in the U.S. will enhance our ability to serve key clients in North America.”

The funds will be used to optimize ByBug’s genetic editing technology and scale the production of recombinant proteins, which have the potential to revolutionize human and animal pharmaceuticals by reducing production costs through the use of agro-industrial byproducts. Additionally, resources will be allocated to strengthen the company’s intellectual property and establish operations in Tulsa, which will serve as a key commercial hub in North America.