In May 2022, INX International Ink Co. launched its $50 million Venture Capital investment program, with an eye on partnering with materials science and technology startups that are relevant to the printing inks and coatings value chain. The fund will pursue select seed and growth stage opportunities. Through its fund, INX is making minority investments, with typical checks ranging from $1 million to $3 million at first, with reserves for follow-up investments.

To date, INX International Ink Co. has invested in three companies. The most recent is Debut Bio, a biomanufacturing startup that, through its proprietary synthetic biology platform, is developing innovative and complex active ingredients for natural colors, among other materials.

“We see Debut Bio as an emerging leader in the synthetic biology space that can play a key role in moving ingredients and materials to a more sustainable, circular economy,” said Bryce Kristo, INX president and CEO, in announcing the funding.

“We appreciate INX’s support and belief in our mission, and look forward to partnering with the INX team to identify areas where our synthetic biology platform can address customer needs,” Joshua Britton, Debut’s founder and CEO, added.

Shane Bertsch, INX’s VP of strategic planning and innovation, says that Debut Bio is an ideal fit with INX’s emphasis on sustainability.

“Debut has developed a proprietary ‘hybrid’ biomanufacturing platform for identifying and producing bioactive ingredients that includes colors,” Bertsch said. “The company is initially focused on applying this capability to active ingredient innovation in the beauty and cosmetics industry, and management plans to pursue a variety of other target markets in the future.

“Debut is already partnering with some of the largest brands and companies in the world to incorporate its active ingredients into their formulations,” added Bertsch. “It will deliver performance, functionality, safety and sustainability across a range of products and categories.”

Debut uses “cell-free” and other approaches, such as continuous biomanufacturing, to address the limitations of traditional methods. By overcoming the limitations of cell-based fermentation, Debut can produce high-value ingredients rapidly and more sustainably, Bertsch noted.

“INX and Debut share a common goal to design and deliver more sustainable, high-performing materials at scale,” said Bertsch. “Debut’s hybrid biomanufacturing technology platform presents a new path forward for bio-based colors, and we are excited to partner with their team to explore opportunities in the inks and coatings space.”

In addition to funding, INX brings technical and market expertise to Debut, for example, helping Debut identify product applications and evaluate ingredient performance requirements

“INX plans to leverage its technical and market expertise to help Debut identify attractive product applications and evaluate ingredient performance requirements,” Bertsch noted. “Our goal is to further the introduction of innovative, natural-based products that meet or exceed customer performance and sustainability expectations.

“INX and Debut share a common goal of designing and delivering more sustainable materials at scale,” Bertsch said. “Debut’s hybrid biomanufacturing technology platform presents a new path forward for bio-based colors, and we are excited to partner with the Debut team to explore opportunities in the inks and coatings space.”

Bertsch said that a variety of factors went into the decision to invest in Debut Bio, including financial, technology and personnel aspects, as well as the potential for Debut Bio’s materials to be used in the ink industry.

“Our investment thesis is based upon both Debut’s financial return prospects and its potential strategic impact on INX’s core business,” Bertsch observed. “We are particularly excited about the vision and operational/technical capabilities of Debut’s leadership team, the size of the synthetic biology market, and the uniqueness of their hybrid approach that combines ‘cell-free’ and fermentation methods to unlock novel ingredients at scale. Strategically, we believe partnering with them can help us accelerate sustainability-focused innovation in the inks and coatings industry.”

The possibility of using in pigments or inks is certainly appealing to INX.

“Our interest in helping to develop, vet, and scale promising new technologies that move the sustainability agenda forward is paramount,” Bertsch concluded. “We believe Debut’s ability to deliver natural, bio-based ingredients using its proprietary technology creates a promising new avenue for developing pigments that may be useful within the printing ink industry. That said, it will take time for this vision to become a reality.”