Hong Kong sustainability startup Archireef gains funding from Singaporean venture capital firms Purpose Venture Capital and Carbon Zero.
Co-founded by Vriko Yu, Deniz Tekerek, and Dr David Baker, Archireef 3D prints terracotta and other ocean-friendly materials-based reef tiles leveraging artificial intelligence (AI), proprietary algorithms, and a hexagonal modular system to enable easy expansion. The design of the tiles uses a bio-mimetic approach to improve coral growth and survival, making Archireef’s solution 4 times more effective than alternative providers.
The Hong Kong sustainability startup‘s coral reef solution has also recently been deployed in the Arabian Gulf in a partnership with Abu Dhabi-based investment and holding company ADQ along with the Environment Agency – Abu Dhabi (EAD) that was kicked off in November 2022.
Archireef’s collaboration with ADQ will research and develop (R&D) eco-engineering solutions for marine biodiversity restoration, merging scientific research with 3D printing and AI technologies.
“We have already lost 50 per cent of the world’s coral cover since 1950, and if nothing changes, we will lose up to 90 per cent by 2050. By adopting a new Global Biodiversity Framework in Montreal, 196 countries committed to protecting at least 30 per cent of Earth’s lands, inland waters, coastal areas and ocean by 2030 to ensure that natural capital is sustained for inter-generational prosperity. It is estimated that US$140 billion in annual financing will be required. We need innovative financing arrangements needed to deliver on this bold ambition,” commented Vriko Yu, the CEO of Archireef.
Purpose Venture Capital is an early stage VC firm that builds sustainable and profitable tech businesses. Their aim is to support entrepreneurs in the tech industry who have an ultimate goal of fostering a greener future.
Carbon Zero Venture Capital is a climate change investor, that readily backs sustainable companies with technological breakthroughs or ideas that creates a positive impact on society and the environment.
“We firmly believe that nature and technology can inspire innovations in how we approach solving climate issues from prevention to mitigation, especially to enhance biodiversity. Archireef is a rare company in the nature-based solutions spectrum with a scalable and profitable business model,” added Sharon Sim, the Co-Founder and a General Partner in Purpose Venture Capital.