The investment was led by Ichthus Venture Capital (IVC), alongside existing investors S2G Investments and Hatch Blue, and new investor Dest EOOD.
Kuehnle AgroSystems
Microalgae biotechnology company, Kuehnle AgroSystems (KAS), has announced the successful close of a multi-million-dollar Series B financing round.
The main objective of this move is to transition from the technology development phase to the commercial production of natural astaxanthin produced through dark fermentation.
"This investment will enable us to accelerate production scale-up, expand our commercial partnerships and bring a truly sustainable, reliable and cost-competitive source of natural astaxanthin to the global aquaculture and human nutrition industries," said Dr Claude Kaplan, Chief Executive Officer of Kuehnle AgroSystems.
In addition, part of the funding will be allocated to accelerating the development programme with Corbion, a company specialising in sustainable food ingredients.
Back in August 2025, the two companies signed a collaboration agreement to develop and commercialise natural astaxanthin produced through algae fermentation.
"At Corbion, we are delighted to continue working alongside KAS. By combining KAS’s innovative biology with our expertise in strain development, industrial fermentation, product development and global market access, we believe this collaboration has the potential to significantly advance the sustainable production of natural astaxanthin," added Yves Boland, Chief Technology Officer of Corbion.
The investment was led by Ichthus Venture Capital (IVC), alongside existing investors S2G Investments and Hatch Blue, and new investor Dest EOOD. Consequently, Frode Sandmark, a representative of IVC, will join KAS's Board of Directors.
"Combined with an outstanding management team, a strong intellectual property portfolio and world-class strategic partners, we believe KAS is exceptionally well positioned to become a global leader in natural astaxanthin production," noted Sandmark.
Astaxanthin is what provides salmon with its characteristic pink colour and is a key nutrient supporting fish health, fertility, stress tolerance and immune system function.
According to data provided by KAS, the global astaxanthin market is valued at around US$2 billion and is expected to grow at an annual rate of 15% over the next decade.
Earlier this year, KAS and its manufacturing partner Biorea successfully produced natural astaxanthin oleoresin for the first time using their proprietary dark fermentation technology, at an industry-relevant scale.
"Together with our manufacturing partner, Biorea, and our strategic development partner, Corbion, we have demonstrated that fermentation can become a commercially viable route for producing one of the most important ingredients for the aquaculture and nutraceutical industries," concluded Kaplan.