EcoStar (ECO-ST), an eco-friendly de-icing agent made from starfish developed by StarsTech. Photo by StarsTech homepage
[Asia Economy Reporter Junhyung Lee] StarsTech, which developed the 'starfish eco-friendly deicing agent,' announced on the 15th that it has secured Series B investment from NH Investment & Securities PE Division.
This Series B investment comes two years after the Series A investment of 2 billion KRW in 2019, which included participation from Hanwha Investment & Securities. StarsTech did not disclose the exact investment amount but it is estimated to be around 10 billion KRW, as was known during the Series B discussions.
With this investment, StarsTech will establish overseas production bases for its developed product, ECO-ST. ECO-ST is an eco-friendly deicing agent made from starfish extract, a type of marine waste. It has been verified for excellent eco-friendliness by accredited testing institutions and selected as an excellent procurement product and innovative new product. The company supplies this product to local governments and private companies nationwide. It has completed patent registrations in Korea, Europe, Russia, and Japan, and has filed patents in North America and China.
StarsTech has risen to become the industry leader in eco-friendly deicing agents within three years of its establishment. The company's sales last year were approximately 10 billion KRW, an increase of more than 16 times compared to 600 million KRW in 2018.
The company is also venturing into the cosmetics business. StarsTech developed a cosmetic raw material called penellagen by recycling starfish solution. The company is preparing to launch its own brand and is currently in discussions with domestic and international cosmetics companies for raw material supply.
Yang Seung-chan, CEO of StarsTech, said, "This investment firmly recognizes StarsTech's future growth value and business direction. We will boldly pursue talent acquisition, technology advancement, and facility investment to actively target the global market."
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