First Imagine has invested in HydRegen, the Oxford University spin-out developing enzyme-based biocatalysis, as part of its $8M (£6M) Series A funding round led by Genoa Ventures. HydRegen replaces precious-metal catalysts in hydrogenation with a proprietary enzyme platform that operates inside standard manufacturing equipment, cutting operating costs by up to 40% while significantly reducing emissions.
The Problem: An Industry Tied to Precious Metals
Hydrogenation is one of the most fundamental and widely used chemical reactions in the world, critical for producing everything from active pharmaceutical ingredients (APIs) to specialty and bulk chemicals. For decades, the industry has relied heavily on precious-metal catalysts such as palladium and platinum.
Entire manufacturing facilities, supply chains, and operational workflows have been optimized around these metals. However, this reliance leaves manufacturers exposed to high supply-chain volatility, fluctuating commodity prices, and a heavy carbon footprint — making the incumbent technology both unsustainable and difficult to replace without massive capital expenditure.
The Solution: Change the Catalyst, Not the Factory
HydRegen doesn’t ask chemical manufacturers to rebuild what they’ve spent decades perfecting. Instead, the company has engineered biology to perform like chemistry.
- One Enzyme, Hundreds of Reactions: A single biocatalyst system replaces precious metals across hundreds of hydrogenation reactions.
- Drop-in Compatibility: It integrates seamlessly into existing reactors and processes with zero new infrastructure required.
- Cheaper and Cleaner: Delivers up to 40% cost savings compared to traditional precious-metal routes, alongside substantial emission reductions.
The result is a commercially viable, frictionless path toward industrial decarbonization.
Why We Invested
At First Imagine, we back companies that decarbonize heavy industry on economic merits, not just environmental promises. HydRegen fits our thesis precisely:
- Economics First: Customers adopt the technology because it directly improves unit economics — lower emissions come built-in.
- Low Barrier to Entry: True drop-in capability eliminates the capex requirements and technical risks that typically stall industrial decarbonization.
- Platform Scalability: Addressing hundreds of reactions with a single platform enables rapid expansion across multiple chemical verticals.
- World-Class Science & Leadership: Spun out of the University of Oxford, HydRegen is led by CEO Dr. Holly Reeve and a team of pioneering biochemists with deep expertise in biocatalysis and industrial scaling.
“HydRegen proves that industrial decarbonization doesn’t require rebuilding supply chains from scratch. By enabling biology to run in standard chemical infrastructure with superior economics, Holly and her team are unlocking a massive market opportunity. We are thrilled to partner with HydRegen on their mission to transform chemical manufacturing.” Alexander Starchenko, Managing Partner, First Imagine!
What’s Next
The Series A funding will enable HydRegen to scale its work with pharmaceutical and specialty chemical partners, while expanding into agrochemicals, advanced materials, and bulk chemical markets.
The round was led by Genoa Ventures, with participation from First Imagine. Existing Seed investors Clean Growth Fund, Oxford Technology Management, and Steve Headington reinvested, alongside new support from Oxonian Ventures, Foxglove Capital, and Rapid Innovation Group.
We are proud to join this distinguished syndicate and look forward to supporting the HydRegen team through their next phase of growth.
About HydRegen
HydRegen Ltd is redefining chemical manufacturing with a breakthrough biocatalytic platform that delivers sustainable, cost-effective production processes. Its proprietary Bio2Amine technology replaces traditional hydrogenation methods and delivers up to 40–50% cost savings, integrating directly into existing infrastructure without requiring changes. By replacing traditional hydrogenation with a plug-and-play technology, HydRegen is helping clients across the chemical and specialty ingredients sectors lower emissions, improve process efficiency and accelerate the transition to sustainable manufacturing.
Learn more at https://hydregenoxford.com/