Låkril Raises $3.1 million to take its Corn-Based Chemicals to Next Phase
Written By Jonathan Eisenthal
With the help of bio-economy companies with venture capital divisions, Låkril Technologies has raised $3.1 million, which will enable the Chicago-based company to take its process to “kilogram scale,” a key stage in the commercialization of its material, bioacrylic acid—an acrylic acid derived from corn.
BioAA will drop into existing use cases within the coatings, adsorbents, and superabsorbent polymers industries, enabling a transition to sustainable, bio-based products without added cost. The pioneering research that led to the discovery of Låkril’s BioAA process began at the University of Minnesota’s Center for Sustainable Polymers. This research center has received significant support from Minnesota Corn. The Center for Sustainable Polymers is part of the effort by new generation companies to replace fossil-derived materials with farm-produced renewable products.
“With the funds from the Seed Round, we will now be able to make a kilogram of on-spec acrylic acid in a work shift, in a fully continuous, end-to-end process” said Chris Nicholas, CEO of Låkril. Not only will this provide samples to potential buyers that they can take and use to test in their own processes and products, but it will give these potential buyers confidence that the process can be scaled up to full commercial production. Låkril’s business model is to license the BioAA technology to manufacturers who will build their own production facilities for sale to customers who employ it as a component of such finished products as paints, adhesives and diapers, Nicholas said.
This successful financing round follows directly from Låkril’s success in a 2024 competition, culminating in winning the 2024 Radicle Corn Value Chain Challenge in November. The Radicle Challenge, which drew investors and capital to promising AgTech, Chemical and Material Startups and Growth companies, was sponsored by U.S. corn farmers from 9 states and NCGA. Radicle Growth is a California-based platform that promotes investment in the bio-economy. Radicle joined GC Ventures America, the corporate venture arm of PTT Global Chemical PLC (GC), and the two entities co-led the fundraising round for Låkril.
“GC Ventures own a coatings company called Allnex, and what they’re looking for is a bio-based acrylic acid available in the market that they can put into their coatings formulations,” Nicolas said.
Others who have invested in Låkril include Evergreen Climate Innovations, the University of Minnesota Discovery Capital, and the Illinois Department of Commerce and Economic Opportunity through its INVENT program, Iowa Corn Growers Association and Kentucky Corn Growers Association.
“Investors place their money in projects they believe can succeed— this strong investor support for Låkril is a strong validation and further fuels our ability to scale our technology and complete the necessary steps to license our technology,” Nicholas said.
Låkril was launched in 2021 and is on track to meet its original plan of licensing the production of BioAA during 2026, Nicholas said. Altogether, the market for agricultural goods to be used in the production of new, sustainable products like Låkril’s BioAA could create new revenue for farmers and agribusinesses.
Minnesota Corn has supported Låkril as part of our mission of creating new markets for corn farmers while increasing sustainability and reducing greenhouse gas emissions. Minnesota Corn also invests corn checkoff funds in other new uses projects like the Center for Sustainable Polymers that aim to develop future generations of corn-based plastics. To learn more about how Minnesota Corn is working to increase opportunities for corn farmers through new-uses projects, visit mncorn.org/utilization.
