Alchemie Technology Team Up With At One Ventures and H&M Group to Deliver Sustainability Breakthrough in Textile Dyeing and Finishing
CAMBRIDGE, England, February 25, 2021 (Newswire.com) - Alchemie Technology (Alchemie), a global disruptor of textile dyeing and finishing technology, is pleased to announce investment from At One Ventures and H&M CO:LAB, H&M Group's investment arm. The investment will support Alchemie's commercial roll-out, aiming to accelerate the transformation of the sustainability profile of textile manufacturing worldwide. Textile dyeing is the second largest cause of water pollution globally and is the largest single contributor to carbon dioxide emissions from the textile industry. Today, it is responsible for over 3% of global CO2 emissions and forecast to increase to 10% by 2050. Alchemie is therefore addressing one of the largest sustainability challenges in the global textile supply chain today with its breakthrough clean-tech digital manufacturing solutions.
The investment will enable Alchemie to accelerate the commercial roll-out of its disruptive digital manufacturing products in the global market: Endeavour™ smart waterless dyeing and Novara™ precision digital finishing. Alchemie's industrial solutions provide a unique value proposition to textile manufacturers, with a lower cost, higher throughput, and radically more sustainable alternative to traditional textile processing. With the addition of software services to digitalise the supply chain, it is also enabling the move to fully connected digital manufacturing. The solution is very timely for the industry, as fashion consumers are demanding more accountability from fashion brands to reduce their environmental impact.
Alchemie's Endeavour™ smart waterless dyeing technology allows garment manufacturers to eliminate the production of contaminated wastewater and dramatically reduce the carbon footprint from dyeing. Demonstrated to radically reduce lead times and enable lower minimum order sizes, alongside a 50% cost saving compared to traditional technologies, the Endeavour™ solution has been well received by textile manufacturers and fashion brands worldwide.
Alchemie has also seen a surge in market demand for its Novara™ precision digital finishing technology. This technology enables significant energy and materials savings compared to traditional technologies, which radically reduces the impact of fabric finishing on the environment and reduces cost. Both Endeavour™ and Novara™ are currently available for implementation, and there is a pipeline of additional sustainable fabric finishing innovations progressing to market based on the Novara™ technology including technologies that deliver eco-friendly, fluorine-free water repellents and advanced bio-based functional finishes.
Alchemie's market opportunity continues to grow, with the increasing pressure in the textile industry to reduce its environmental impact and governments legislating to reduce or eliminate traditional textile manufacturing. Textile manufacturing is an industry that urgently needs new technologies that reduce environmental impact, lower cost and enable end-to-end supply chain digitalisation. Alchemie is uniquely positioned to address this underserved market and transform the sustainability profile of the textile industry.
The funding round was led by At One Ventures, a San Francisco-based venture capital fund focused on disruptive technologies that combat climate change, and H&M CO:LAB, the investment arm of H&M Group.
Dr. Simon Kew, Managing Director of Alchemie Technology:
"We are very pleased that At One Ventures and H&M CO:LAB have invested in Alchemie at this pivotal point in the commercial roll-out of our sustainable dyeing and finishing solutions. The textile manufacturing industry has a significant impact on the environment, and with our Endeavour and Novara technologies, we are disrupting manufacturing processes that are responsible for over 3% of global CO2 emissions and 20% of global water pollution. Our solutions both dramatically reduce the environmental impact and radically reduce cost for dyeing and finishing, which has proven to be a compelling combination in the global textile industry. We are building on the momentum we have generated in the market with successful commercial trials of our fabrics and are looking forward to rolling out the first global commercial installations this year."
Dr. Alan Hudd, Chairman of Alchemie Technology:
"This investment reflects the significant acceleration of interest in the modernisation and digitalisation of global textile manufacturing, a combination of government, consumer, and brand pressure has delivered an unstoppable impetus for change in the textile industry. We are uniquely poised to deliver the next generation of digital clean-tech textile manufacturing solutions and the market is truly supercharged for change. The pandemic has only accelerated the velocity of digitalisation, as retail is replaced by direct-to-consumer e-commerce platforms and consumers demand visibility and sustainability in the supply chain."
Helen Lin, Principal at At One Ventures:
"With their innovative first-in-market technology, Alchemie has the potential to transform textile manufacturing, effectively leapfrogging over one of the largest water pollution problems in the world today. We believe that outsized environmental returns can only be achieved when driven by commercial scale and are delighted to be supporting Alchemie to deliver this vision in the textile industry."
Nanna Andersen, Head of H&M CO:LAB, H&M Group:
"Alchemie Technology is pioneering a truly breakthrough and cost-effective approach to solving a longstanding sustainability issue in the supply chain for textile products. We are excited to partner with Alchemie and support innovation that addresses some of the largest carbon footprint contributors of the textile industry: dyeing and finishing. The commercial implementation of their game-changing technology not only aligns perfectly with the H&M group's vision to become fully circular, but also has the potential to benefit the entire textile industry."
About Alchemie Technology
We are cleaning up textile manufacturing. Alchemie Technology develops clean-tech textile manufacturing processes using advanced digital technology. Textile dyeing and finishing processes are some of the most polluting manufacturing processes on the planet and are responsible for over 3% of global CO2 emissions and over 20% of global water pollution. We are delivering breakthrough digital dyeing and finishing technologies Endeavour™ and Novara™, which deliver a dramatic reduction in energy consumption and eliminate contaminated wastewater emissions. Our mission is to transform the textile industry with clean-tech digital manufacturing solutions that significantly reduce environmental impact and enable digital transformation in textile supply chains.
About At One Ventures
At One Ventures finds, funds, and grows teams to catalyze a world where humanity is a net positive to nature. We back early-stage (Seed, Series A) companies using disruptive deep tech to upend the unit economics of established industries while dramatically reducing their planetary footprint. We also look for companies that are pioneering new industries that are actively regenerative to planetary health. Lastly, we look for companies that have significant potential to be healthy, scalable businesses because the positive impacts we invest in only last as long as the businesses that carry them.
About H&M CO:LAB
H&M CO:LAB is the investment arm of H&M Group. Its mission is to drive and promote entrepreneurship, and to contribute in a meaningful way to the long-term growth of H&M Group through investments in innovative companies. H&M CO:LAB invests across three focus areas: Sustainable Fashion, New Retail and Enablers. For more information about H&M Group, please visit hmgroup.com.
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Source: Alchemie Technology