When Ginkgo Bioworks launched more than a decade ago, the field of synthetic biology had seemingly convinced investors that fuels derived from algae could one day upend the oil and gas industry.
Those ill-fated biofuel efforts fizzled
poor bioreactor designper G Church
after it became clear that they (these efforts) were unlikely to ever be cheaper than oil.
In the fallout, several upstarts like Amyris and LanzaTech survived and pivoted toward higher-margin products like fragrances and sweeteners made with biological processes.
For Ginkgo, the vision was always bigger than biofuels. Instead, it aimed to create a platform—akin to Amazon Web Services or the Apple app store—to manufacture cells for all industries.
The Boston-based company's patience recently paid off: Last month, Ginkgo landed a blank-check deal that valued the company at $15 billion, more than triple what it was worth last year, according to PitchBook data. Its rival Zymergen also took a platform-first approach to biomanufacturing and rode it to an IPO in April at a roughly $3 billion valuation.
https://pitchbook.com/news/articles/wall-street-wins-signal-the-start-of-a-synthetic-biology-revolution