Tyton BioSciences, the developer of a recycling technology for the fashion industry, has completed its $8 million Series A funding round. Tin Shed Ventures, the investment arm of outdoor apparel brand Patagonia, led the round and was joined by Marubeni America, Card Sound Capital, and Alante Capital. The funding will be used to scale the solution.
Tyton, based in Danville, Virginia, develops proprietary technology solutions to recycle fashion manufacturing waste and end-of-life textiles back into the economy. Roughly 100 billion garments are produced annually in factories around the world, and well over 70 per cent are destined for landfills or incineration after increasingly short utilisation periods by consumers.
“Tyton is solving fashion’s greatest business and environmental challenge by turning high-volume waste streams into valuable new products. This $1.5 trillion a year industry is hungry for a recycling technology that works and delivers great economics -- we can do that. Our investment partners recognise our ability to grow a successful business while also being responsible global citizens. We are delighted to have their support, expertise, and assistance to deploy our technology globally,” said Peter Majeranowski, CEO at Tyton.
Today, the equivalent of one garbage truck of textile waste is landfilled every single second. And clothing production is expected to double every 12-15 years. Tyton’s solution is able to recover raw materials, including cotton pulp and polyester, from discarded clothing and textile waste to create new fabrics that are otherwise made from natural resources like oil, trees and cotton. By doing so, the company aims to clean up one of the most carbon intensive, environmentally destructive and wasteful industries in the world.
“Tin Shed Ventures and Patagonia are committed to using our business to save our home planet. We invest in solutions we believe can dramatically clean up our industry, and we are excited to support Tyton in bringing this much needed recycling innovation to market,” said Greg Curtis, Tyton board member and general counsel at Tin Shed Ventures.
The Series A funding will be used to scale the solution and accelerate entry into the market. As part of its growth strategy, Tyton expanded its leadership team to include Dr. Julie Willoughby (PhD Chemical Engineering) as chief scientific officer. From her previous roles at Nike, MeadWestvaco, and Dow Corning, Willoughby brings a wealth of expertise in leading multi-disciplinary teams to scale technologies.
Tyton plans to commercialise its technology globally in partnership with fashion industry manufacturers and retailers. Tyton is an environmental technology company that develops solutions to protect the planet from human consumption.
Fibre2Fashion News Desk (SV)