ANN ARBOR—Kraig Biocraft Laboratories Inc. officials announced that the company received $1.5 million in additional capital from YAII PN Ltd., a fund managed by Yorkville Advisors Global LP, a private equity firm in Mountainside, NJ
The $1.5 million received this week is the second half of a $3 million financing agreement signed with YAII in January 2022. These $3 million and those from previously announced transactions represent a total investment by YAII of $8 million in Kraig Labs in the last 16 months.
Officials said the company is putting capital to work by strengthening its production operations, building additional production capacity and bringing key on-site quality control systems online. These renovations included the construction of custom-designed breeding rooms, the purchase and installation of custom automated production equipment, and the planting of mulberry trees on site to support year-round operations. The work also included the construction of a fully operational molecular biology laboratory that provides on-site and in-process quality control, mirroring the capabilities of the company’s US-based research and development laboratories.
“This capital allows us to make strategic investments in critical processing, facilities and equipment that have significantly improved our capabilities and production capabilities,” Kraig COO Jon Rice said. “Prodigy Textiles is now fully operational and beginning to fulfill its mission to bring eco-responsible and profitable spider silk to global textile markets.”
Kraig Biocraft develops advanced fibers from silk, using genetically engineered silkworms with spider genes, so their silk has many of the extra strong characteristics of spider webs.
More information at www.KraigLabs.com/news.