We’re thrilled to announce that FiberX has been selected as one of three breakthrough startups to receive crucial pre-seed funding from Purdue Innovates Ventures’ Black and Gold Fund and the Minerva Yeung and Boon-Lock Yeo Philanthropic Initiative Fund for Startup Investment. This investment marks a significant milestone in our journey to revolutionize the agribusiness and the biochemical products industries by creating high-performance sustainable solutions for the industrial chemical and materials sectors.
As an Indiana-based company with roots at Purdue University, we’re honored to be recognized alongside other innovative startups that are changing the game in their respective fields. This funding not only validates our vision but also provides us with the resources needed to accelerate our growth and impact.
At FiberX, we’re tackling a challenge that’s close to home for many Hoosiers – finding new, valuable uses for corn stover, an agricultural residue from Indiana’s rich corn fields. By transforming this abundant resource into bioindustrial resins and biocomposite plastics, we’re not just creating sustainable alternatives to petroleum-based products; we’re also adding value to our local agricultural economy.
Our President and CEO, Dave Skibinski, shared his thoughts on this exciting development:
“This investment allowed FiberX to close its initial $1.0 million in funding. These funds allow FiberX to complete its plans to scale corn stover fiber production from our automated pilot plant to industrial scale production at an 800x improvement. We appreciate the persistent support of Dipak Narula of the Office of Technology Commercialization, Purdue Research Foundation, and numerous other departments across Purdue considering the potential uses of FiberX processed corn stover fiber.”
This funding comes at a crucial time as we work to scale up our operations and bring our innovative products to market. It’s a testament to the hard work of our team, including our co-founder and Chief Commercial Officer, Wade Lange, a proud Purdue alumnus, and the invaluable support from Purdue professors Jim Caruthers and Enrico Martinez, as well as graduate student Rajdeep Deka from the Davidson School of Chemical Engineering.
We often say that FiberX represents a New Industrial Revolution – we’re not just starting a company, we’re pioneering a new industry right here in Indiana. By upcycling corn stover into a premium feedstock for industrial products and other industries, we’re opening up new possibilities for sustainable manufacturing while supporting our local farming communities.
As we move forward, we’re excited to leverage this investment to further develop our technology, expand our production capabilities, and forge new partnerships that will propel our mission to lead innovation that realizes a world where biomass, nature’s abundant resource, is harnessed to its fullest potential. The FiberX team strives to create a future where every fiber, every molecule, is utilized to its maximum potential, enhancing product performance and sustainability.
We’re grateful for the support of Purdue Innovates Ventures and look forward to continuing our work in creating a more sustainable and prosperous future for Indiana and beyond.
Stay tuned for more updates as we continue to grow and innovate!