Aviridi, a life sciences company, recently purchased a 10,000-square-feet life sciences facility in Norristown that will serve as its headquarters.
The facility is an Opportunity Zone property located within the fast-growing Philadelphia life sciences corridor. According to the Internal Revenue Service, an Opportunity Zone is an economically distressed community where new investments may be eligible for preferential tax treatment.
Aviridi, a Qualified Opportunity Zone Business, will commercialize high value-add products through synthetic biology and precision fermentation.
“There are tremendous opportunities to reimagine our 20th century global supply chains by taking advantage of life sciences solutions that did not exist 10 years ago,” James Anderson, Aviridi co-founder, said. “Aviridi will introduce more efficient and sustainable processes that produce higher quality ingredients for the global supply chain, including pharmaceuticals, nutraceuticals, and consumer products. This financing validates our strategy, and the Norristown acquisition represents a major first step in executing on our vision for product-driven precision fermentation manufacturing.”
The company also recently closed an equity seed round. Funding will fuel Aviridi’s research and development and biofermentation capacity while the company builds its life sciences platform.
Fermentation is used in combination with synthetic biology for ingredients manufacturing.
Aviridi invests in precision fermentation with in-house research and development.