Australian Recycler Raises $65 Million to Commercialize Plastic-Eating Enzymes

SYDNEY--An Australian company that has developed plastic-eating enzymes with the aim of recycling materials otherwise destined for landfills has raised about US$65 million in its latest funding round from backers including yoga-wear brand Lululemon.

Samsara Eco, which uses artificial intelligence to create new enzymes that can break down commonly used types of plastics, plans to use the capital to build commercial facilities in Southeast Asia. The round closed this month with investors including Singapore state-investment company Temasek, Hitachi's venture-capital arm, and Lululemon, which this year started selling a jacket made from Samsara Eco's recycled polyester.