Cannabinoid-focused biotechnology company Demetrix announced Thursday it secured $50 million in a Series A funding round led by Tuatara Capital. Another investor is Horizons Ventures, which previously led Demetrix's $11 million Series Seed round.
Demetrix aims to develop a technology that would allow producing cannabinoids using baker's yeast. It uses a fermentation technology that speeds up the production of cannabinoids.
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Demetrix's approach could for the cannabinoid supply chain, which currently relies on plant cultivation and extraction. Aside from CBD and THC, other cannabinoids are present in very low concentrations, which means that it's difficult to produce them on an economical scale.
The company plans to use the recently-raised money to scale its operations and commercialize the first of more than 100 unique cannabinoids.
"We’ve assembled a team of industry veterans, built a scalable technology platform, and are working with global regulatory organizations to quickly commercialize," said Demetrix CEO Jeff Ubersax.
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