Good news! We have achieved a significant milestone in our mission to revolutionize the textile industry. We are thrilled to announce that we have successfully secured CHF 5.1 million in our seed financing round, marking a major breakthrough for our textile technology tailored for the circular economy.
Today,we proudly unveil that our latest funding round comes in the form of debt financing from Zurich's Zürcher Kantonalbank (ZKB), facilitated through the Swiss Technologie fonds. This follows our preceding equity round, which was spearheaded by Rütters GmbH and circular economy venture capital entity exelixis capital AG back in November 2022.
But what exactly do we plan to do with this game-changing financing? The funds will primarily be allocated towards ramping up our research and development efforts to bring forth the next generations of circular textile materials. Additionally, we aim to leverage these resources to facilitate our international market expansion initiatives and bolster our organizational development endeavors.
Our flagship first-generation circular material, naNea, has already made waves as a sustainable alternative to conventional polyester. Unlike traditional PET,naNea is biodegradable in marine environments and toxicant-free. Looking ahead,starting from 2024, we are gearing up to introduce the next waves of game-changing textile materials to global markets.
We extend our gratitude to our investors and stakeholders for their unwavering support and belief in our vision. Special thanks also go out to the Swiss Technology Fund team for their invaluable assistance throughout this journey. Last but certainly not least, we owe a debt of gratitude to our entire OceanSafe team whose dedication and hard work has been instrumental in making this achievement possible.
The future of sustainable textiles is brighter than ever, and we are committed to leading the charge towards a more circular industry.