BoYin Bio Secures Over RMB 100 Million in Pre-A Financing to Advance Innovative Biomaterials Platform

PAM2LBiotechnologies, an innovative enterprise specializing in the R&D and application of biomaterials, announced today that it has completed a Pre-A financing round exceeding RMB 100 million. The round was jointly led by Woyong Fund, Yunqi Capital, and Fuhua Capital, with Cornerstone Capital and Yayi Capital participating as follow-on investors. Lighthouse Capital served as the exclusive financial advisor. Following this financing, PAM2LBiotechnologies will further strengthen the upgrading of its R&D platform and expand production capacity.

PAM2LBiotechnologies, established in March 2021, was co-founded by Dr. Zhong Chao from the Shenzhen Institute of Advanced Technology, Chinese Academy of Sciences, and his university classmate Cui Junfeng. The company leverages a dual-core drive of synthetic biology and machine learning (BT-IT) technologies to advance the development of bio-based materials and products. Its core team comprises multiple PhDs with top-tier global academic achievements and senior experts with extensive experience in process engineering. The company’s primary focus is on developing pipelines for protein- and polysaccharide-based raw materials, which are widely applied in the pharmaceutical, medical aesthetics, cosmetics, and food industries.

As a cutting-edge frontier technology in modern biology, synthetic biology has become a strategic high ground fiercely contested by nations worldwide. In September 2022, the U.S. government officially unveiled the “National Biotechnology and Biomanufacturing Initiative” to secure America’s leading position in the biotechnology sector. In May 2022, China’s National Development and Reform Commission (NDRC) issued the “14th Five-Year Plan for Bioeconomy Development,” which explicitly aims to strengthen and expand the bioeconomy, emphasizing the acceleration of original and pioneering technological innovations and their orderly application across multiple fields. In June of the same year, Shenzhen released the “Opinions on Developing and Strengthening Strategic Emerging Industry Clusters and Cultivating Future Industries,” prioritizing the development of 20 strategic emerging industries and eight future industry directions, with synthetic biology ranked at the forefront of these future industries.

Boston Consulting Group predicts that by the end of the 21st century, synthetic biology approaches will be widely applied in manufacturing sectors accounting for more than one-third of global output, creating $30 trillion in value. McKinsey & Company believes that, in principle, 60% of global products can be produced using biological methods. By 2030–2040, synthetic biology is expected to generate an annual direct economic impact of approximately $2–4 trillion. Over the next decade, at least 20% of petrochemical products worldwide could be replaced by bio-based alternatives.

Driven by policies related to the bioeconomy and the development of a low-carbon economy, the synthetic biology industry has ushered in a historic opportunity for development. Riding the wave of the times, Dr. Zhong Chao returned to China in 2014 after completing his studies at the Massachusetts Institute of Technology (MIT). In 2020, he joined the Institute of Synthetic Biology at the Shenzhen Institutes of Advanced Technology, Chinese Academy of Sciences (hereinafter referred to as the “Institute of Synthetic Biology”), where he established the Research Center for Material Synthetic Biology. With over a decade of dedicated research experience, Dr. Zhong holds ten domestic and international patents and has been appointed as the Chief Scientist for the Synthetic Biology Special Project under the National Key R&D Program of the Ministry of Science and Technology. He is also a recipient of the National Science Fund for Distinguished Young Scholars. To accelerate the transformation of technological achievements into practical applications, Dr. Zhong founded PAM2LBiotechnologies in 2021, focusing on advancing the research, development, and commercialization of core product pipelines, including adhesive proteins, bacterial cellulose, and mucopolysaccharides.

Currently, the company’s core team comprises PhD researchers from leading domestic and international research institutions, as well as industrialization and commercialization experts from renowned enterprises worldwide, ensuring a seamless integration of scientific expertise in synthetic biology with manufacturing capabilities for commercial realization. The advisory board includes distinguished scientists from MIT, UC Santa Barbara (UCSB), Cornell University, and other prestigious institutions, along with clinical experts from Ruijin Hospital, Changzheng Hospital, Shanghai Sixth People’s Hospital, and Shanghai Ninth People’s Hospital.

PAM2LBiotechnologies has established a highly efficient innovation R&D platform driven by the dual cores of biotechnology (BT) and information technology (IT), leveraging interdisciplinary in-depth research and long-term accumulation. By integrating academic research with high-throughput synthetic biology technologies from large-scale synthetic biology infrastructure, as well as AI methodologies and expertise in optimization pathway design, the company has progressively developed industry-leading capabilities for the systematic development of new molecules, new materials, and bioactive materials. This has significantly accelerated the R&D efficiency of innovative synthetic biology materials, including biomedical materials, cosmetic ingredients, and functional materials. Focusing on high-value-added and high-growth markets, PAM2LBiotechnologies has built core pipelines centered on proteins, polysaccharides, and other key biomolecules, enabling innovative applications and substitutions across multiple scenarios to provide customers with green and efficient solutions.

In the view of Liu Mengsu, Vice President of Light Source Capital, as a pioneer in materials synthetic biology, the PAM2LBiotechnologies team led by Dr. Zhong Chao possesses internationally leading R&D expertise and industrialization capabilities in the development of novel molecules and new materials. Guided by market demand and leveraging an innovation-driven R&D platform powered by BT-IT (Biotechnology-Information Technology) integration, the company fully harnesses the constructive potential of synthetic biology to build a competitive advantage characterized by highly efficient iterative development. Low-carbon, environmentally friendly, green, and sustainable practices have become a global consensus for future development. Looking ahead, PAM2LBiotechnologies will continue to lead industry innovation across multiple sectors, driving application transformation with green, sustainable, intelligent, and customizable biomaterials and innovative ingredients.

Since its establishment, PAM2LBiotechnologies has achieved rapid development by leveraging its robust scientific research capabilities and has garnered widespread recognition: in December 2021, it jointly established the “Industrial Achievement Transformation Center for Materials Synthetic Biology” with the Shenzhen Institute of Advanced Technology, Chinese Academy of Sciences; in March 2022, it was officially recognized as a “Synthetic Biology Enterprise” by Guangming District; in July 2022, it was listed among the “Top 50 High-Growth Enterprises in the Greater Bay Area” released by the Shenzhen Venture Capital Association; in August 2022, it relocated to Hengtaiyu Building and commenced construction of its pilot-scale production workshop; and in November 2022, it participated in “Shenzhen Venture Capital Day,” where it was invited to sign contracts on-site as a key project.

Incubated under the pioneering “Upstairs-Downstairs Innovation and Entrepreneurship Complex” model jointly initiated by the Guangming District Government of Shenzhen and the Shenzhen Institute of Advanced Technology, Chinese Academy of Sciences, PAM2LBiotechnologies has achieved close physical proximity between its offices and the Institute of Synthetic Biology. This arrangement enables R&D personnel from the company and researchers from the center to engage in close interaction within the same building, facilitating a seamless connection between original “0-to-1” innovations and “1-to-10-to-100” engineering development and translation, thereby ensuring the efficient transformation of scientific achievements into industrial applications.

This incubation model, which organically integrates basic research with industrial applications in a shared spatial environment, can break down the temporal barriers associated with the “0 to 1 to 10” industry incubation process. It effectively addresses the bottleneck faced by startups due to a lack of facilities and technical platforms, thereby shortening the time cycle for translating original innovations into industrial applications and establishing a full-chain enterprise cultivation model encompassing “scientific research–translation–industry.”

Supported by the “upstream-downstream” model, PAM2LBiotechnologies has made rapid progress in translating its adhesive protein pipeline into commercial products. The related products have achieved product validation in wound closure and care, offering both adhesive and hemostatic functions, and are poised to functionally replace existing products while enabling domestic substitution with Chinese-made alternatives.

With the vision of becoming a global leader in biomaterial production and application expertise, PAM2LBiotechnologies aims far beyond its current achievements. Against the backdrop of the “dual carbon” goals having become a global consensus, synthetic biology is not only a significant driving force for the development of China’s bioeconomy but also serves as a crucial foundational support for achieving these “dual carbon” objectives. Moving forward, the company will leverage its platform-based R&D strengths and industrialization capabilities to continuously expand its business boundaries and multi-sector applications, thereby leading industry development.

Dr. Zhong Chao, Founder of PAM2LBiotechnologies“The founding team of PAM2LBiotechnologies expresses its sincere gratitude to both new and existing shareholders for their recognition and support. PAM2LBiotechnologies will continue to be market-demand oriented, adhering to a strategic layout across three dimensions: BT-IT technology-driven innovative raw materials, innovative products, and an efficient R&D platform. We will deepen the exploration of innovative raw materials in diverse applications, focus on medical product solutions with distinct clinical value, and persist in driving the development and commercial application of our platform through our products, striving to become a globally leading enterprise in innovative biomaterials.”

Woyong Fundstated: “The team at PAM2LBiotechnologies possesses globally leading technological expertise and industrialization capabilities in the field of material synthesiology. Leveraging its independently developed BT-IT dual-core driven technology platform, the company demonstrates high efficiency in novel molecule discovery and robust capabilities in defining and developing functional biomaterials. By capitalizing on its technological advantages and aligning with market demands, PAM2LBiotechnologies has identified recombinant pathways for efficacy molecules that have long been under our scrutiny, achieving significant cost advantages. In the ingredient-driven skincare market, the boom period for functional raw materials has arrived. Amidst the rising tide of domestic brands, we are confident that through industrial collaboration between both parties, PAM2LBiotechnologies is poised to become an industry-leading enterprise driving sector development. Applications in the consumer market represent only the starting point; we remain bullish on the potential of PAM2L’s team to empower multi-field and multi-scenario applications through their technology, facilitating the intelligent, customized, and sustainable development of next-generation materials.”

Yunqi Capital Managing Director Feng Yao“Synthetic biology represents the frontier of modern technology and an innovation engine for the green economy. The team at PAM2LBiotechnologies boasts globally leading technical capabilities and extensive, robust engineering experience, demonstrating exceptional expertise and a strong track record in materials synthetic biology. We believe that, driven by its BT-IT-enabled high-efficiency R&D platform, PAM2L can continue to lead innovation and industrial implementation in the materials synthetic biology sector, with significant scalability across healthcare, consumer goods, and other industries. We have great confidence in the team’s capabilities and look forward to supporting and accompanying the company as it becomes a global leader in innovative biomaterials.”

Li Huanrong, Partner at GRC Fuhua Capital“Bio-based materials represent the optimal solution for meeting future molecular innovation needs. The team at PAM2LBiotechnologies has deeply cultivated the field of synthetic biology for materials, developing a series of downstream applications centered on high-value-added synthetic biology products such as proteins and polysaccharides, which hold immense potential in sectors including consumer goods and medical devices. Leveraging its innovative synthetic biology platform, PAM2LBiotechnologies is committed to replacing animal-derived proteins, creating a ‘new engine’ for green economic growth, and promoting the harmonious development of socio-ecological and environmental-ecological systems. Fuhua Capital is honored to participate in this financing round and looks forward to PAM2LBiotechnologies continuing to leverage its technological advantages in bio-based materials, accelerating the R&D and application of high-performance products through continuous technological innovation. Fuhua Capital will also utilize its international resource advantages to assist PAM2LBiotechnologies in its overseas expansion, empowering a diverse global customer base and establishing it as a benchmark in synthetic biology, rooted in China and oriented toward the world.”

Zhang Zhikuan, VP at Grandstone Capitalstated: “The continued increased investment in PAM2LBiotechnologies reflects Stone Capital’s investment philosophy of ‘focused investing and prioritized support,’ and also demonstrates our high recognition of the company. Since our initial investment, PAM2LBiotechnologies has exhibited strong growth momentum. The founding team has continuously published high-quality papers in relevant academic fields, and its key pipelines have achieved significant progress in both yield and commercialization. We are confident in the future development of PAM2LBiotechnologies and look forward to the company becoming a leader in the synthetic biology industry.”

Liu Chong, Founding Partner of Yayi Capital“The statement reads: ‘Compared with traditional petroleum-based materials, biomaterials possess multiple advantages such as biodegradability, renewability, and environmental friendliness. Against the backdrop of maturing advanced technologies like synthetic biology transitioning toward true industrialization, and the broader economic transformation in China and globally, we believe that biomaterials will gradually expand their market share, shine brightly across various sectors including daily chemicals, food, and healthcare, and become a vital component of the “dual carbon” economy. We also highly recognize PAM2LBiotechnologies’ “upstairs-downstairs” model during its development, which tightly integrates and seamlessly connects source innovation in the laboratory with actual industrial implementation by the enterprise. This “upstairs-downstairs” model has undoubtedly greatly accelerated the conversion of scientific achievements into practical applications. Yayi Capital is honored to participate in this round of financing and looks forward to the company’s immense growth potential.’”

Li Hao, Managing Director at Source Code Capital“Congratulations to PAM2LBiotechnologies on the completion of this round of financing. Leveraging the company’s efficient BT-IT technology R&D platform and the robust scientific research resources of the Advanced Institute, PAM2LBiotechnologies, under the leadership of Dr. Zhong Chao, has achieved breakthroughs in the development of numerous biomaterials. Its innovative raw materials and products hold substantial growth potential with significant upside across consumer, medical, and more diverse application scenarios. We highly recognize PAM2L’s forward-looking investments in synthetic biology technologies and innovative raw materials, and we are honored to participate in this financing round to help accelerate the company’s rapid technological advancement and commercialization of its achievements.”