Funding will be used to advance GALY's proprietary lab-grown cotton product, 'GALY Cotton,' from lab to pre-industrial scale
Company to expand R&D efforts into the development of cotton and other plant-cell based products
BOSTON, Sept. 03, 2024 (GLOBE NEWSWIRE) -- GALY CO., a climate tech company pioneering the development of first-of-its-kind sustainable cellular agriculture products, today announced the closing of an oversubscribed $33 million Series B financing led by Breakthrough Energy Ventures (BEV) with additional participation from new investors H&M Group and Inditex.
The funds will primarily fuel the expansion of GALY's research and development on its innovative cellular agriculture platform and its flagship product, "GALY Cotton," which uses 99% less water and 97% less land than traditional cotton while emitting 77% less CO2, as it advances towards pre-industrial quality and scale.
"We are thrilled to have investors who recognize the crucial role that our climate adaptation technology will play in our daily lives," said Luciano Bueno, CEO and Founder of GALY. "Climate change exposes the fragility of agricultural supply chains, and the recent rise in cocoa prices is a stark reminder of the new normal we face. Unfortunately, it's not a matter of 'if,' but 'when.' Soon, the world will face increased volatility in conventional agriculture as extreme weather conditions become more frequent. When that time comes, GALY will be ready, better equipping our economy to withstand these shocks."
Founded in 2019 with a mission to find ethical and sustainable agricultural solutions, "GALY Cotton" is the company's first product targeting conventional cotton practices. "GALY Cotton" fully replicates traditional cotton in quality, retaining its exact attributes because it originates from an actual plant, all while offering ESG benefits, customizable quality and a clear roadmap to reach cost parity. With this success, GALY is expanding its cellular agriculture platform beyond cotton to include other ...
