SEOUL, Jan. 14 (Yonhap) — SK Networks Co., the general trading arm of South Korean conglomerate SK Group, said Friday it has invested US$12 million in a U.S. 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.