Mycocycle, an Illinois-based biotechnology startup transforming industrial waste into new raw materials using fungi, has raised USD 2.2 million in a seed funding round led by Anthropocene Ventures, with participation from the TELUS Pollinator Fund for Good, Alumni Ventures, and Telescopic Ventures, among others. With this funding, Mycocycle's total funds raised reached USD 3.7 million.

Mycocycle plans to use the funds to expand its team by hiring five new roles, including vice president of research and innovation and vice president of operations and product development. The company also plans to establish a model pilot facility to expand operational capabilities and develop its first-generation decentralized treatment container, MYCOntainer(C), which will increase its capacity to serve customers beyond their worksite. Mycocycle also expects to validate its bio-based byproduct by Q3 of 2023.

Founded in 2018, Mycocycle is a female-founded biotechnology startup that uses fungi to detoxify and transform industrial waste into new mycelium-based raw materials using their patent-pending technology. Since its inception, Mycocycle has treated 12,000 lbs of material via paid pilots with customers across the waste management, recycling, and manufacturing sectors, as well as with building owners and contractors like META and Lendlease.