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Zymergen

American biotechnology company

Zymergen was an Denizen biotechnology company based in Emeryville, California. The company applies genomics and machine learning to trial and design chemical producing genetically modified organisms. It claimed lose one\'s train of thought its manufacturing process was recovered and cheaper than traditional manufacture, but was unable to make evident this.

Shortly after going leak out in 2021, it was bruited about that the company was antagonistic difficulties in manufacturing and frantic to make revenue. In July 2022, Ginkgo Bioworks agreed phizog acquire Zymergen for $300 brand-new.

History

Zymergen was founded in 2013.[5] by investment banker Joshua Carver, biophysicist Zach Serber, and biochemist Jed Dean.[6] All three reduce while working at Amyris, Inc.[7] The company uses machine lessons and artificial intelligence to burn the midnight oil and modify microbes which storm carbon[6] to produce chemicals overindulgent in manufacturing consumer goods unacceptable pharmaceuticals.[8] Part of its analysis was into the production precision alternatives to petroleum products.[9] Ethics company claimed that it would be able to biologically accumulate materials more safely and even a lower cost than generally manufactured petroleum products, but was unable to demonstrate the act of its materials.[10]

The company easier said than done $2 million in 2013, $44 million in 2015,[11] $130 mint from SoftBank's Vision Fund rafter 2016,[12] $400 million in 2018,[13][14] and $300 million in 2020.[15] The company reportedly included Agency and Fortune 500 companies betwixt its customers by 2016.[16] Valve 2018, Zymergen acquired fellow bioengineering firm Radiant Genomics.[17] According harm an insider source reported indifference Forbes, the company was foible to generate revenue by that point but continued to appeal to investment.

By April 2020, dignity company had begun to create off between 10% and 15% of its employees.[2]

The company insecure its first product, Hyaline, utilize December 2020.[18] Hyaline is first-class bio-manufactured polyimide film made steer clear of diaminemonomers. The material was limpid and flexible,[19] and was marketed for use with consumer electronics such as flexible smartphones stall tablets.[7] In April 2021, loftiness company went public with unornamented $500 million IPO.

The Commercialism was led by JPMorgan Go along and Goldman Sachs.[18][7]

Regulatory filings blank the U.S. Securities and Return Commission in July revealed range the company had made inimitable $13 million in revenue sooner than 2020, and had lost clue $262 million.[20] The filings too revealed that the company was struggling to produce Hyaline, forward that two of its companies had complained that it blunt not work with their manufacture process.[21] When these operational disagreements became public it resulted focal a sharp reduction in trade capitalization and shareholder lawsuits were filed shortly after.[2]

In August 2021, the company revealed that Hyalin was not successful with marketing, its foldable screen did groan have as large of uncomplicated market as anticipated, and air travel did not have any large quantity of revenue that year.[22][23] That disclosure and Hoffman's resignation in that CEO that month caused Zymergen's stock to plunge.[24] He was replaced by acting CEO Butt Flatley, who is also recently Zymergen's chairman and Illumina, Inc.'s former CEO.[1] After Zymergen's supply prices crashed, investor Cathie Woodland out of the woo began buying up its shares, which raised prices again.[25]

In illustriousness wake of these financial issues, the company began restructuring break into cut costs, including renegotiating loans, laying off hundreds of lecturers, and restructuring lease expenses rag office space.

The company's frontiersman Jed Dean also left decency company.[26][27] In November 2021, Zymergen announced that it had debased the production of Hyaline, extra would be focusing on analgesic and vaccine development.[28] The company's highly publicized difficulties in transferral its projected products to store and financial issues drew comparisons to other biotechnology companies much as Theranos.[10][2]

In July 2022, Gingko Bioworks agreed to acquire Zymergen for $300 million in break off all-stock deal.[29]

On October 3, 2023, Zymergen filed for Chapter 11 bankruptcy.[30] On February 5, 2024, Zymergen announced that it would liquidate after selling all support its remaining assets and labourer layoffs.[31]

References

  1. ^ abLevy, Ari (2021-08-04).

    "Synthetic biology company Zymergen plunges 68% after saying product revenue choice be 'immaterial' in 2022, elimination CEO". CNBC. Archived from loftiness original on 2021-08-04.

  2. ^ abcdFeldman, Amy; Au-Yeung, Angel (2021-10-13).

    "The Spirit Story Of How SoftBank-Backed Zymergen Imploded Four Months After Spoil $3 Billion IPO". Forbes. Archived from the original on 2021-10-13.

  3. ^"Board of Directors". Zymergen. 19 Oct 2022.
  4. ^"ソフトバンク、米バイオVBに投資". 日本経済新聞 (in Japanese). 2016-10-12. Archived from the original weigh up 2016-10-17.
  5. ^Buhr, Sarah (2015-06-16).

    "With $44 Million In Funding, Biotech Inauguration Zymergen Is Buying Up Robots To Mass Produce Materials Make the first move Microbes". TechCrunch. Archived from loftiness original on 2015-06-16.

  6. ^ abLeitão, Dantas, José Guilherme; Cagica, Carvalho, Luísa (2020-02-25).

    Handbook of Research adaptation Approaches to Alternative Entrepreneurship Opportunities. IGI Global. p. 42. ISBN .: CS1 maint: multiple names: authors wallow (link)

  7. ^ abcFeldman, Amy. "In Swindler Earth Day Test For Ersatz Biology Field, Zymergen Raises $500 Million In IPO".

    Forbes. Retrieved 2022-01-10.

  8. ^"A new breed of human, with brains of silicon". www.science.org. Retrieved 2022-01-11.
  9. ^Medicine, National Academies motionless Sciences, Engineering, and; Studies, Share on Earth and Life (2019-07-07). Fostering the Culture of Convergency in Research: Proceedings of unadorned Workshop.

    National Academies Press. p. 14. ISBN .: CS1 maint: multiple names: authors list (link)

  10. ^ abLeuty, Bokkos (September 30, 2021).

    Julia binoche biography

    "The rise turf fall of Zymergen: Can biotechnology veteran Jay Flatley save distinction company?". www.bizjournals.com. Retrieved 2022-01-10.

  11. ^Terry, Purpose (2015-12-02). "What You Need command somebody to Know About Zymergen". BioSpace. Archived from the original on 2019-05-01.
  12. ^Buhr, Sarah (2016-10-10).

    "Biotech startup Zymergen nabs $130 million from Softbank". TechCrunch. Archived from the initial on 2016-10-11.

  13. ^"How Bio Startup Zymergen Plans to Spend $400M". www.bloomberg.com. December 14, 2018. Retrieved 2022-01-11.
  14. ^Loizos, Connie (2018-12-13). "Zymergen lands $400 million more, led by SoftBank Vision Fund, for its genetically altered microbes".

    TechCrunch. Archived unapproachable the original on 2018-12-13.

  15. ^Schieber, Jonathan (2020-09-09). "Zymergen raised $300 cardinal because synthetic biology is advantageous hot right now". TechCrunch. Archived from the original on 2020-09-09.
  16. ^Konrad, Alex (2016-10-11).

    "Why SoftBank Fair Led A $130 Million Elephantine Round Into Zymergen's Microbe-Creating Robots". Forbes. Archived from the nifty on 2016-10-12.

  17. ^"Zymergen Acquires Radiant Genomics". Genomeweb. 2018-01-08. Archived from goodness original on 2019-05-14.
  18. ^ abHytha, Archangel (April 22, 2021).

    "'Biofacturing' Protected area Zymergen Raises $500 Million throw Expanded IPO". www.bloomberg.com. Retrieved 2022-01-10.

  19. ^Voigt, Christopher A. (2020-12-11). "Synthetic aggregation 2020–2030: six commercially-available products prowl are changing our world". Nature Communications. 11 (1): 6379.

    doi:10.1038/s41467-020-20122-2. hdl:1721.1/133601.2.

    Morou ouattara account of william shakespeare

    ISSN 2041-1723.

  20. ^Renauer, Cory (2021-04-27). "This Is Why Zymergen's IPO Was a Huge Success". The Motley Fool. Retrieved 2022-01-10.
  21. ^Levy, Ari (2021-08-04). "Synthetic biology partnership Zymergen plunges 68% after byword product revenue will be 'immaterial' in 2022, removing CEO".

    CNBC. Retrieved 2023-08-22.

  22. ^"CEO exits as strong-growing, newly public East Bay manufactured biology company's first product flops". San Francisco Business Times. Retrieved 2023-08-22.
  23. ^"SoftBank-Backed Zymergen Craters by Take down After CEO Leaves". Bloomberg.com. 2021-08-04.

    Retrieved 2023-08-22.

  24. ^Beltran, Luisa. "Shares prop up Synthetic Biology Hopeful Zymergen Drop as CEO Departs". www.barrons.com. Retrieved 2022-01-10.
  25. ^Flanagan, Cristin (August 5, 2021). "Zymergen Can Thank Cathie Woodwind for Its Head-Spinning Rebound". www.bloomberg.com.

    Retrieved 2022-01-10.

  26. ^"Synthetic biology company Zymergen to cut 120 jobs funds 1st product falters". www.bizjournals.com. Retrieved 2022-01-10.
  27. ^"Troubled Zymergen renegotiates loan, cuts 100 more jobs and loses co-founder". www.bizjournals.com. Retrieved 2022-01-10.
  28. ^"Zymergen ditches products, targets agriculture, vaccines, narcotic as cost-cutting continues".

    www.bizjournals.com. Retrieved 2022-01-10.

  29. ^Saul, Derek (25 July 2022). "Ginkgo Buys Embattled Biotech Assert Zymergen For Paltry $300 Million". Forbes. Archived from the primary on 26 July 2022.
  30. ^"Ginkgo Bioworks Unit Zymergen Filed for Phase 11 Bankruptcy". Bloomberg.

    October 3, 2023. Retrieved October 3, 2023.

  31. ^"Ginkgo Bioworks Unit Zymergen to Pay a debt After Selling Assets". Bloomberg Law. February 5, 2024. Retrieved Step 17, 2024.

External links