Algenesis

What Algenesis does

Algenesis is a San Diego-based material science company founded in 2013 that develops Soleic®, a plant-based, fully biodegradable polyurethane material branded as the world's first of its kind in high-performance applications. Its proprietary chemistry combines algae-derived biochemicals with conventional polyurethane formulation know-how, yielding two primary product lines: the Soleic® AB PU system for foam applications in footwear and furniture, and the Soleic® TPU system for molding, extrusion, coated textiles, and foam. The company claims its materials reduce greenhouse gas emissions by up to 60% compared with petroleum-based equivalents while eliminating microplastic shedding at end of life, and its innovation was recognized with the 2020 CPI Innovation Award.

The company operates a B2B enterprise sales motion targeting brand partners in footwear, consumer electronics accessories, apparel, outdoor gear, furniture, and 3D printing. Revenue is generated through one-time licensing and direct sale of Soleic® material formulations to manufacturers, with pricing quote-based on volume and application and a stated multi-year contract cadence. Confirmed customers include BLUEVIEW (footwear), RHINOSHIELD (phone cases), ACBC (luxury apparel), Stoke Tracks (outdoor gear), ecogenesis biopolymers (3D printing filament), and a tourism collaboration with San Diego Tourism Authority and TED. The business has 11-50 employees and operates from offices and labs at 11760 Sorrento Valley Rd in San Diego, with a Delaware corporate domicile (Algenesis Corp).

Algenesis has raised approximately $18.7M across eight funding rounds from 2018 through 2024, combining venture capital (First Bight Ventures and Circulate Capital co-led a $5M round in October 2023) with non-dilutive government funding from the NSF and DOE Bioenergy Technologies Office (including a Phase I SBIR award of up to $206,500 announced June 2026). In November 2025 it entered a co-development partnership with P2 Science to extend Soleic® into algae-derived chemicals and 100% biobased polyurethanes for beauty and personal care markets. Founder Stephen Mayfield serves as co-founder and CEO, with Tom Cooke as President, indicating an early-stage team transitioning toward commercial scale-up.

Name

Algenesis

Legal name

Algenesis

Website

https://algenesismaterials.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Algenesis is a San Diego-based material science company that develops Soleic®, a plant-based, fully biodegradable polyurethane used by brand partners in footwear, consumer electronics accessories, apparel, outdoor gear, and furniture to replace petroleum-based plastics.

Ownership category

akta.pro rank

Product category

Biodegradable polyurethane materials

NAICS

Resin and Synthetic Rubber Manufacturing (32521), Urethane and Other Foam Product (except Polystyrene) Manufacturing (32615)

SIC

Plastic Materials, Synth Resins & Nonvulcan Elastomers (2821), Plastics Foam Products (3086)

akta.pro primary industry

Polyurethanes (MDI/TDI, Polyols, PU Systems) (IMAEADAH)

akta.pro secondary industries

Bio-based & Biodegradable Polymer Resin Manufacturing (PLA, PHA, PBS, starch blends) (IMANAAAG), Polyurethane (PU) Flexible Foam Manufacturing (IMANAIAC), Footwear Components & Materials (Uppers, Soles, Laces, Insoles) (CRAAACAK)

Keywords

• Biodegradable polyurethanes
• Plant-based polymers
• Algae-derived materials
• Sustainable foam materials
• Bio-based plastics

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Soleic® Material Sales: Algenesis generates revenue through the direct sale of its Soleic® branded polyurethane material systems (AB PU and TPU systems) to brand partners in footwear, furniture, apparel, and consumer electronics. The company sells material formulations and licenses its technology to manufacturers.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Algenesis manufactures and sells Soleic®, the world's first fully biodegradable, high-performance plant-based polyurethane material, offered as two chemical systems: the Soleic® AB PU system for foam in footwear and furniture, and the Soleic® TPU system for molding, extrusion, coated textiles, and foam. The company supplies Soleic® material formulations and technology licensing to enterprise brand partners in footwear, furniture, apparel, consumer electronics, outdoor gear, and 3D printing who need a drop-in sustainable replacement for petroleum-based polyurethanes.

Product overview

Algenesis manufactures Soleic®, the world's first fully biodegradable, high-performance plant-based polyurethane materials designed to replace petroleum-based plastics. The company offers two primary chemical systems: the Soleic® AB PU system for foam applications in footwear and furniture, and the Soleic® TPU system for broader applications including molding, extrusion, and coated textiles. Both systems reduce greenhouse gas emissions by up to 60% compared to petroleum-based alternatives. The technology enables true circularity through fully biodegradable end-of-life pathways, addressing microplastic pollution while maintaining product durability.

Differentiator

Problem solved

Functional benefit

Brands

• Soleic® AB PU system: Proven applications include foam with a range of densities, ideal for footwear and furniture. Reduces GHG emissions up to 60% compared to petroleum-based AB/PU.
• Soleic® TPU system

Products and services

• Soleic® AB PU system High-performance, plant-based polyurethane chemical system designed for foam applications including footwear and furniture. Reduces greenhouse gas emissions up to 60% compared to petroleum-based AB/PU alternatives and enables microplastic-free end-of-life. Sold to enterprise brand partners and manufacturers.
• Soleic® TPU system Plant-based thermoplastic polyurethane system for a wide range of applications including molding, extrusion, coated textiles, and foam. Reduces greenhouse gas emissions up to 60% compared to petroleum-based TPU alternatives. Sold to enterprise brand partners and manufacturers.
• Soleic® technology (algae-derived biodegradable polyurethane platform) The world's first fully biodegradable, high-performance polyurethane material platform. Plant-based technology that eliminates microplastics while maintaining durability comparable to petroleum-based alternatives, available as Soleic® AB PU and Soleic® TPU systems for footwear, furniture, apparel, consumer electronics, outdoor gear, and 3D printing customers.

Quantifiable outcome

• Reduces GHG emissions up to 60% compared to petroleum-based polyurethane equivalents
• +1 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• P2 SciencecoreStrategic or Co-development Partner · 12 November 2025Algenesis and P2 Science entered a collaboration to develop algae-derived chemicals and 100% biobased, biodegradable polyurethanes. The partnership combines P2's proprietary green chemistry process with Algenesis' bio-innovation capabilities, targeting performance polymers for beauty, personal care, and beyond.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• NatureWorks: World's largest PLA producer, supplying bio-based polymers into packaging, foodservice and durable goods. While not a direct PU competitor, it represents the incumbent bio-polymer platform brand customers are likely evaluating alongside Soleic® for sustainability commitments.
• Covestro: One of the world's largest polyurethane and polycarbonate producers; offers plant-based / mass-balance attributed PU systems and serves the same footwear, furniture and automotive customers. Its CQ product line and scale represent the primary competitive threat to Algenesis' sustainability positioning.
• BASF: Global chemical major with a polyurethane systems business (Lupranate, Elastopan, Elastollan) and a biomass-balance-attributed PU portfolio. Reaches virtually every footwear and furniture brand Algenesis targets and has materially larger R&D and manufacturing resources.
• Lubrizol (Engineered Materials / Estane): Berkshire Hathaway-owned specialty chemicals company with a major TPU business (Estane). Has launched bio-based TPU grades and serves the same coatings, extrusion and elastomer customers, making it a direct overlap on the Soleic® TPU system.
• Stepan Company: Manufactures polyurethane systems and polyols, serving rigid/flexible foam and CASE applications. Operates in the same PU systems value chain as Soleic® and would be a logical commercialization partner — or competitor — for bio-based polyol systems.
• Danimer Scientific: Producer of PHA-based bioplastics (Nodax) used in single-use packaging and coatings. Competes for the same sustainability/circularity narrative and brand-level procurement relationships as Algenesis.

Direct peers

• Evoco: Develops plant-based polyurethane foam specifically for the footwear industry as a drop-in replacement for petroleum-based foams. Operates in the same niche (bio-based PU foams for footwear) and targets the same sustainability-driven shoe brand customers.
• Balena: Develops fully biodegradable, bio-based polymer materials (BioCir) for fashion and footwear applications, including shoes. Direct competitor for the same footwear and apparel brand customers that Algenesis is pursuing with Soleic®.
• FKuR Kunststoff: German compounder specializing in bio-based and biodegradable plastics (PLA, PHA, PBS blends). Sells formulation expertise and compounds to converters and brand owners seeking drop-in sustainable material alternatives.

Emerging players

• Algix: Produces algae-based bioplastics (Solaplast, Naturespun) targeting flexible films, foams and durable goods. Shares the algae-feedstock origin story and sustainability positioning with Soleic®, making it a thematic overlap in the algae-derived materials space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/algenesis-materials
• Instagraminstagram.com/soleicmaterials?igsh=YmV3djZsc3N5Zzlo

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds8 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Algenesis