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Lee Ho-jeong, SK Networks Co.'s chief of new business portfolio, poses for a photo with Matthew Scullin, CEO of MycoWorks, during a virtual signing ceremony on its $20 million investment in the US biotech startup, in this photo provided by SK Networks on Friday. (SK Networks) |
SK Networks Co., the general trading arm of South Korean conglomerate SK Group, said Friday it has invested $20 million in a US biotech startup specializing in making alternative leather.
SK Networks took part in a round of $126 million funding for MycoWorks, a Silicon Valley-based biomaterials company, and it is the largest amount among the strategic investors, SK said in a press release.
MycoWorks owns technologies that produce leather-like fabric from engineered mycelium, a biomaterial made out of mushrooms. The company has also partnered up with Hermes and a number of other major global luxury brands.
The two companies also signed a separate contract to cooperate on the development of new materials, production expansion and building a sales network.
Bio business is one of SK's four core areas it has been expanding as its future growth drivers, including biopharmaceuticals and biodegradable materials. (Yonhap)
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