TerraVia

TerraVia, formerly known as Solazyme Inc., was a biotechnology company founded in 2003 by Jonathan S. Wolfson and Harrison Dillon. The pair met as freshmen at Emory University and shared a vision of creating a company that would use biotechnology to address environmental issues. Wolfson brought a background in finance and law, with an MBA and a law degree from NYU, while Dillon held a PhD in genetics and a law degree, working as a biotech patent attorney.

The company's core business revolved around a proprietary technology platform that used microalgae to convert plant-based sugars into high-value oils, proteins, and other ingredients. Unlike traditional methods that grow algae in open ponds, TerraVia utilized a fermentation process in large, dark, stainless-steel tanks. This process allowed them to tailor the resulting oils' profiles by modifying the microalgae strain, creating specific carbon chain lengths and saturation levels for different applications. The business model focused on supplying these sustainable, algae-based ingredients to B2B clients in the food, nutrition, and personal care sectors. Revenue was generated through the sale of these ingredients to partners and the commercialization of their own branded products.

Initially, Solazyme's focus included renewable energy, developing biofuels for partners like the U.S. Navy and Chevron. However, the company pivoted to capitalize on more immediate and higher-margin markets. A significant development was the creation of the luxury skincare brand Algenist in 2011, which was born from the unexpected discovery of the anti-aging properties of alguronic acid during their research. Algenist became a standalone company in 2016. In the food sector, TerraVia developed products like AlgaVia Whole Algal Flour and Protein for use in baked goods and beverages, and a high-oleic algae oil branded as Thrive Algae Oil. They also created AlgaPrime DHA, an omega-3 rich ingredient for aquaculture feed. Despite these developments and partnerships with companies like Unilever and Bunge Limited, TerraVia struggled with profitability. In March 2016, Solazyme rebranded as TerraVia to reflect its new focus on food and nutrition. After failing to achieve sustained commercial success, TerraVia filed for Chapter 11 bankruptcy in August 2017. In September 2017, the company's assets were acquired by Corbion, a Dutch food ingredients firm, for approximately $20 million.

Keywords: algae ingredients, biotechnology, Solazyme, food technology, sustainable oils, specialty ingredients, Corbion, personal care, aquaculture feed, industrial fermentation