EnzymeX Biologics Completes Nearly RMB 300 Million Series C Financing to Build a Carbon-Neutral Synthetic Biology Manufacturing Platform

VCBeat has learned that Enzymaster, a leading domestic carbon-neutral synthetic biology intelligent manufacturing enterprise, has announced the completion of its Series C financing round, raising nearly RMB 300 million. YuanBio Venture Capital led the C2 round, while Bayland Capital provided exclusive strategic investment in the C1 round. Xiamen C&D Emerging Industry Equity Investment Co., Ltd, Puhua Capital, Hansoh Investment, Kangpeng Niute, and ROBE New Healthcare Fund all participated in this round. Concurrently, Enzymaster completed the acquisition of Minhe Pharmaceutical, significantly boosting its production capacity. ROBE CAPITAL continued to serve as the exclusive financial advisor.

Synthetic biology is regarded as one of the most promising fields in modern science, with numerous global technology forecasting institutions elevating its development and its impact on the global economy to the level of national strategy. As modern biology and information technology continue to advance and mature, it is undeniable that synthetic biology will usher in a major transformation that breaks through the limitations of natural systems. In recent years, substantial venture capital has flowed into the field of synthetic biology. On the international stage, influential companies in synthetic biology include Ginkgo Bioworks, Zymergen, Amyris, and Codexis.

Synthetic biology is an emerging systems science that applies engineering principles to design and utilize functional and structural elements of organisms—such as enzymes, biosynthetic pathways, and cellular regulatory networks—for specific applications. Enzymaster has established its own synthetic biology platform centered on protein engineering (directed enzyme evolution) and metabolic multi-enzyme cascade engineering, addressing the growing demand across various sectors including pharmaceutical intermediates, fine chemicals, food and health supplements, materials, and medical aesthetics. Furthermore, synthetic biological reactions typically proceed under ambient temperature and pressure, offering enhanced safety, simplified conditions, reduced carbon emissions, high specificity, and minimal by-products. These characteristics support carbon cycling, positioning this novel production method as a promising mainstream pathway for green manufacturing in the context of "carbon neutrality."

Figure | Dr. Huang Yongkai (Source: Provided by the interviewee)

Dr. Huang Yongkai, Chairman of Enzymaster, holds a Ph.D. in Medicinal Chemistry from the National University of Singapore and brings over a decade of R&D and industrialization experience in the field of bio-manufacturing. He has previously held positions at Codexis, a renowned international synthetic biology company, and Merck & Co., a global pharmaceutical giant. During his tenure at Codexis, he led teams in the R&D and commercial translation of nearly 100 biocatalysis projects, meeting the research needs of numerous top-tier global pharmaceutical companies such as Merck and Novartis. Codexis, a star player in the global synthetic biology sector, went public on the NASDAQ in April 2010. The company’s core business leverages its proprietary technology platform to develop various proteins for applications in biopharmaceuticals, fine chemicals, and medical diagnostics.

Dr. Thomas Daussmann, Executive Vice President of Enzymaster, holds a Ph.D. in Microbiology from the University of Kaiserslautern in Germany and is a seasoned expert in the synthetic biology industry. Previously, after his biotechnology startup, Julich Fine Chemicals, was acquired by Codexis, he joined its management team as Vice President of Codexis USA and General Manager of its Singapore R&D Center.

In late 2013, recognizing the development opportunities in the Chinese market, Dr. Huang Yongkai and several colleagues came to Ningbo, China, to co-found Enzymaster. His co-founders included Dr. Chen Haibin and Dr. Sun Baoguo. Dr. Chen was formerly a scientist at Codexis’s Singapore R&D Center and served as a Senior Researcher at Novo Nordisk. Dr. Sun was formerly the Director of Codexis’s Singapore R&D Center and served as the Asia-Pacific Operations Director for Nutrition and Food Safety at Covance.

Despite our prior professional backgrounds, since its founding, Enzymaster has not utilized any work products or intellectual property belonging to Codexis. Instead, “the five of us rebuilt Enzymaster’s proprietary BioEngine from the ground up (including software, hardware, personnel, and systems) based on our own understanding of directed enzyme evolution technology.”^®Platform Technology”.

Dr. Huang Yongkai stated that Enzymaster has its unique understanding and application in library construction and high-throughput screening, complemented by the integration of bioinformatics, virtual computing, and automated processes, BioEngine^®The platform’s protein directed evolution workflow is more efficient and streamlined. From publicly published patents to commercially marketed products, all are powered by BioEngine.^®Demonstration of Technological Value.

After determining the requirements for biosynthesis, first in BioEngine^®Select enzymes meeting the specified criteria from the database to establish a base library, and then, based on BioNagivator^®Leveraging EnzyAI’s virtual computing technology to analyze mutation characteristics, identify sites for effective amino acid residue combinations, introduce diverse mutations according to design requirements, and construct a protein mutation library.

Subsequently, BioEngine^®Select appropriate high-throughput screening methods based on the target, and employ multi-level characterization to ensure a balance between experimental throughput and data validity. Screen for advantageous mutations, and initiate the next round of mutagenesis screening on this basis; repeat this cycle iteratively to ultimately identify enzymes that meet the desired criteria. Directed evolution of proteins resembles a highly accelerated natural evolutionary process, enabling proteins to evolve required functions in accordance with Darwinian principles.

Unlike strategies that are purely and “irrationally” based on genotype, BioNavigator, developed and deployed by Enzymaster^®Virtual Technology Platform, Focused on the Mechanistic Scientific Understanding of Protein Sequences, 3D Dynamic Structures, and Functions. BioNavigator^®Rapid identification of optimal starting enzymes from public and proprietary protein databases through molecular docking-based gene mining; rapid and effective semi-empirical quantum chemical simulations via the EnzyQuantum module using QM/MM methods to evaluate changes in activation free energy for virtual enzyme activity screening; and investigation of protein-environment interactions through molecular dynamics simulations for virtual enzyme stability screening.

BioNavigator^®Computer-aided mechanistic studies and virtual screening enable Enzymaster’s scientific team to design small, highly efficient mutant libraries, thereby reducing the workload of wet-lab screening and enhancing the precision of protein design. Building on this foundation, Enzymaster has further developed EnzyAI, an integrated framework for data-driven protein engineering powered by deep learning. By combining large-scale open-source enzyme datasets with Enzymaster’s proprietary screening data to extract sequence-function correlations, EnzyAI makes data-driven hot-spot identification and prediction of optimal mutants possible.

“Over the past seven years, Enzymaster BioEngine^®“The accumulated high-throughput screening data are all stored in our corporate database, which means we possess a vast amount of exclusive, high-quality data, particularly in the area of phenotype data,” said Dr. Huang Yongkai. “This accumulated pool of high-quality, proprietary data will become Enzymaster’s unique competitive advantage, significantly enhancing our capability and precision in protein design.”

EnzyAI leverages pattern recognition, cluster analysis, and generalized representation of experimental data to employ EM2L’s deep neural networks for machine learning-based modeling. It elucidates the relationship between sequences and functions, as well as the clustering of sequences within families and their physicochemical properties. By efficiently identifying combinatorial sequences with target functional values, EnzyAI overcomes the limitations of scientists’ individual experience and efficiency, thereby enhancing the efficiency and effectiveness of the directed evolution process.

Figure | Enzymaster Biotechnology Platform (Source: Provided by the interviewee)

BioNavigator^®The platform utilizes BioNavigator.^®Computer-aided directed enzyme evolution and the artificial intelligence platform EnzyAI surpass traditional genotype-based “irrational” strategies, enhancing coverage of combinatorial sequence diversity and identifying critical sequence regions. This approach, through the design of high-quality mutant libraries, enables Enzymaster’s BioEngine^®The platform can maximize the efficiency and success rate of directed enzyme evolution.

“With this extensive accumulation of technical expertise, Dr. Huang Yongkai believes that Enzymaster, as a seasoned domestic company specializing in intelligent synthetic biology manufacturing, ranks among the top in enzyme R&D capabilities. ‘We have been collaborating with the most cutting-edge international companies, and their feedback indicates that Enzymaster’s R&D capabilities are on par with global standards, comparable to those of the world’s leading synthetic biology enterprises.’”

Meanwhile, Enzymaster is vigorously advancing research on multi-enzyme cascade reactions. This initiative forms part of its R&D strategy transitioning from intracellular to cell-free systems, enabling synthetic biology-based intelligent manufacturing to no longer rely on living cells and instead achieve large-scale production in cell-free environments. By overcoming the limitations imposed by cellular structures and internal regulatory mechanisms, multi-enzyme cascade systems facilitate efficient multi-step group transformations through optimized spatial organization and process integration, thereby synthesizing target products.

In October 2018, Professor Frances H. Arnold of the California Institute of Technology, one of the pioneers in the field of directed enzyme evolution, was awarded the Nobel Prize in Chemistry, recognizing the academic impact and industrial contributions of directed enzyme evolution technology.

Also in late 2017, Enzymaster formulated a strategy to expand into additional sectors and adopted a business model involving joint product development with domestic and international partners. Under this model, Enzymaster is responsible for technology development, while its partners handle product manufacturing, with final revenues shared between the parties. Currently, Enzymaster has achieved significant commercial success in both the biopharmaceutical sector and the food, beverage, and health supplement industries. As of the end of 2021, 18 of Enzymaster’s pharmaceutical intermediate and food/beverage additive products had been commercialized, 10 were in the pilot-scale testing phase, and 9 were in the laboratory-scale testing phase. Furthermore, Enzymaster has extended its reach into areas such as agrochemicals, veterinary drugs, flavors and fragrances, specialty materials, medical aesthetics, and RNA synthesis.

To meet growing industrial demand, Enzymaster completed its acquisition of Minhe Pharmaceutical at the end of 2021. Through this acquisition, Enzymaster can now produce at least 600 tons of enzymes and various compounds annually using cleaner, more environmentally friendly bio-manufacturing processes. This capacity expansion will increase Enzymaster’s overall production capacity by 50% in the short term.

Production methods based on new technologies represent an advancement in productive forces. Enzymaster has a chiral chemical in its product pipeline, with an end-market size exceeding RMB 1 billion. The current production process relies on organic chemical synthesis. After decades of continuous optimization by chemists, the cost of the original chemical route has been extremely optimized, leaving limited room for further reduction. However, through BioEngine^®Through the R&D and innovation of its technology platform, Enzymaster’s proprietary biosynthesis technology has streamlined and optimized the synthetic route for this chemical, reducing costs by at least 25%.

“Enzymaster is the first company globally to create the most critical enzyme in this pathway—which did not previously exist—and achieve its industrialization,” stated Dr. Huang Yongkai. “This represents a disruptive, foundational innovation in biotechnology and is revolutionary for the industry.”

Dr. Huang Yongkai believes that the progression of bio-intelligent manufacturing resembles waves, where each technological innovation triggers a new wave. In every such technological wave, inferior technologies are inevitably eliminated, while new technologies emerge and advance. Enzymaster is dedicated to foundational BioEngine technology.^®Enhance technological capabilities, continue to strengthen close collaboration with other top-tier international enterprises, and explore the greater potential of biosynthetic manufacturing technologies.

“Enzymaster is driving a transformative innovation in foundational biotechnology, enabling us to capture broader market opportunities, particularly those segments not traditionally associated with bio-intelligent manufacturing. We are expanding the overall market for bio-intelligent manufacturing rather than merely competing for shares within the existing market. Against the backdrop of carbon peaking and carbon neutrality goals, and underpinned by integrated foundational biotechnologies, bio-intelligent manufacturing is poised to become a production paradigm that will fundamentally reshape human society over the coming decades.”

Regarding this round of financing,Dr. Yongkai Huang, Chairman of EnzymasterIndicating: Since 2013, Enzymaster's BioEngine^®Our technology platform has consistently remained at the global forefront. We have developed key biosynthetic enzymes, achieved breakthroughs in the separation and purification processes for biocatalytic products, and realized commercial production at a scale of over one ton. This enables us to meet global customers’ demands for quality, cost-efficiency, innovation, and sustainability. As one of China’s earliest and large-scale intelligent manufacturing enterprises in biosynthesis, we are committed to sustainable output and innovation. We are honored to be a core player in the field of synthetic biology, helping to drive the wave of biosynthesis. With this round of financing, we aim to introduce more green technologies and products into the global supply chains of the pharmaceutical, food, materials, and fragrance industries. On behalf of all shareholders and colleagues at Enzymaster, I extend our gratitude to the investors in this round for their recognition and support of Enzymaster’s vision and development. Enzymaster will continue to deliver breakthrough technologies for more blockbuster products, creating greater value for the dual-carbon economy and society.

Regarding this financing round,Enzymaster President Lü ZhenlinEnzymaster: Over the past nine years since its establishment, Enzymaster has built a directed enzyme evolution technology platform and dedicated itself to the long-term development of its product pipeline. Utilizing synthetic biology technologies, the company produces a wide range of compounds and has successfully completed pilot-scale and mass production for numerous products. Its portfolio spans multiple industries, including pharmaceuticals, agricultural and veterinary drugs, flavors and fragrances, materials, and medical aesthetics. To support these efforts, a robust production and commercialization team has been established. The company has successfully transitioned from being primarily a technical R&D service provider to a product-driven enterprise powered by proprietary technologies. Notably, the acquisition of Minhe Pharmaceutical in 2021 addressed the hardware infrastructure needs required for scaling from R&D to production. Moving forward, leveraging its extensive data accumulation and industry influence in the field of synthetic biology, Enzymaster is committed to fulfilling its corporate vision of “making society and the environment better” and making its due contribution in this era.

Regarding this round of financing,Li Kechun, Partner at YuanBio Venture CapitalStatement: We are honored to have led this investment round in Enzymaster. We value the team led by Dr. Huang Yongkai for its steady, step-by-step progress in both technological development and industrialization, which has already established unique competitive advantages. Enzyme catalysis technology can address many challenges that are difficult to overcome with traditional chemical methods, offering benefits such as high efficiency, low cost, and reduced pollution. It holds broad application potential and promising market prospects. We look forward to supporting Enzymaster’s growth and wish it success in delivering better, more affordable, and more environmentally friendly products to the world.

Regarding this financing,Su Yuexing, Partner at Bayland CapitalIt was stated that biocatalytic enzymes, as an enabling technology, can be widely applied across multiple industries—including pharmaceutical engineering, fine chemicals, new materials, the bio-industry, and energy conservation and environmental protection—providing green solutions for their development. Enzymaster boasts an industry-leading R&D team and, after years of growth, has evolved into a professional provider of comprehensive biocatalysis solutions. The company possesses leading capabilities and extensive experience in the R&D and industrialization of biological enzymes and their applications, earning high recognition from numerous multinational corporations in the fields of biopharmaceuticals and new chemical materials. As the exclusive strategic investor in the C1 round, we are honored to partner with the company and look forward to Enzymaster’s team achieving steady and long-term success in the field of biocatalysis while continuously creating value.

Regarding this round of financing,Song Huaying, Deputy Director of C&D Emerging InvestmentEnzymaster was founded by scientists with extensive industry experience and is dedicated to achieving green production through biocatalysis. The company has built a proprietary platform for directed enzyme evolution from the ground up, boasting industry-leading technological capabilities. Driven by a dual strategy of services and products, Enzymaster serves numerous renowned enterprises both domestically and internationally, maintains a robust product pipeline, and has achieved breakthroughs in mass production. We look forward to Enzymaster leveraging innovative enzymatic catalysis technologies to develop more biomanufacturing products, thereby continuously supporting the growth of China’s green and low-carbon industries.

Regarding this financing round,Zhang Bingjie, Vice President of Investment at Puhua CapitalIt is indicated that, against the backdrop of global carbon peaking and carbon neutrality, traditional manufacturing technologies are rapidly iterating, and novel synthetic biology-based manufacturing technologies have become an inevitable trend. Enzyme-centric production represents one of the core approaches to achieving global green bio-based manufacturing. Enzymaster is a biotechnology company capable of innovating at the foundational level of biological technologies. Its core team possesses years of research experience in the field of biocatalytic synthesis, and the company has already identified application scenarios and markets aligned with its technological strengths to achieve commercialization. Puhua Capital remains optimistic about high-tech biotechnology companies dedicated to addressing sustainable development and environmental protection challenges through synthetic biology technologies and committed to advancing the bio-based new materials industry.

Regarding this financing,Zhang Chen, Partner at ROBE CAPITALIt is evident that since its emergence in the 19th century, organic chemical synthesis technology has profoundly transformed the landscape of human society. Today, we are witnessing technological breakthroughs in biosynthesis once again reshaping every aspect of human society. ROBE CAPITAL is honored to maintain a long-term strategic partnership with Enzymaster, a pioneer in carbon neutrality and an intelligent manufacturing hub for synthetic biology, which has established a state-of-the-art BioEngine platform.^®Synthetic Biology Platform: Building a Diverse Product Pipeline Spanning Biopharmaceuticals, Food and Medical Applications, and Fine Chemicals to Deliver Novel Solutions for the Green Economy and Sustainable Development.

YuanBio Venture Capital is an investment firm focused on the early and growth-stage healthcare sectors, headquartered in Suzhou.BioBAY, with a global reach. Currently, it has completed140investments in outstanding enterprises in the life and health sector, covering four major areas: new drug development, medical devices, in vitro diagnostics and precision medicine, as well as healthcare services, have yielded substantial investment returns, among which13Several companies have listed on capital markets such as the Hong Kong Stock Exchange and the STAR Market. YuanBio Venture Capital has been repeatedly recognized as a leading venture capital fund in China’s healthcare sector.Top10, one of China’s most active healthcare investment institutions. Bringing together seasoned professional investors and a global team of top-tier scientific advisors, YuanBio Venture Capital possesses extensive experience in entrepreneurship, venture capital, and corporate operations within the biopharmaceutical industry and beyond. Leveraging our professionalism, focused approach, and abundant industry resources, we are committed to becoming one of the most successful medical and pharmaceutical venture capital funds in China.

Bayland Capital, established in 2019, leverages the industrial background of Pharmaron (Stock Codes: 300759.SZ/3759.HK) to focus on equity investments in the biopharmaceutical sector. Drawing on a unique industry perspective and extensive experience in industry, scientific research, management, and capital markets, the Bayland Capital team pursues global investment opportunities, with a particular focus on globally leading biopharmaceutical R&D services and technology innovation platforms, biotechnology companies, and medical device companies. Bayland Capital is committed to serving as a bridge among life sciences, the health industry, and capital, and to being a trusted long-term partner.

C&D Emerging Investment is a professional equity asset management institution under C&D Group, a Fortune Global 500 company. Established in 2014, the company is committed to its mission of “pioneering new value and helping more emerging enterprises achieve better development,” with a strategic focus on new economy sectors such as healthcare, advanced manufacturing, and TMT/consumer industries.

Puhua Capital, founded in 2004, has long adhered to the philosophy of “deepening industrial roots and investing in the future.” Focusing on venture capital investments in four key sectors—new technology, healthcare, new energy, and new consumption—the firm has established a dual-drive strategy of “capital + industry,” leveraging its profound industry insights and extensive capital market experience. Committed to early-stage, innovative, specialized, and growth-oriented investments, Puhua Capital serves as an incubator and accelerator for entrepreneurship and innovation. It has invested in over 400 companies, including CloudWalk Technology, Galactic Energy, MicroPort Scientific Corporation (Nanwei Medicine), ACROBiosystems (Baipusaishi), Keyjia Robotics, Remebot, Aiji Taikang, Guomai Culture, LeKeep Sports, and Tongcheng Travel.

ROBE CAPITAL, established in 2017, is a boutique investment bank specializing in healthcare and life sciences. Its business portfolio encompasses financial advisory, direct investment, industry consulting, and innovation incubation. The founding team hails from leading private equity firms, financial advisory institutions, management consulting companies, and vertical healthcare media outlets. Since its inception, ROBE CAPITAL has consistently completed double-digit private financing and M&A transactions annually, with a cumulative transaction value approaching RMB 10 billion. In terms of value-added services for enterprises, the ROBE CAPITAL team possesses extensive industry expertise. In 2020, ROBE New Healthcare Fund was launched and has since invested in multiple industry-leading companies.