Japanese fibre maker Teijin has made a pre-Series B financial commitment in Circularise, a blockchain-enabled platform, as it works towards bolstering transparency and sustainability across its global supply chains.
The investment will also support Circularise’s growth into the high-performance materials sector and other industrial segments.
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Teijin is a global organisation driven by technological innovation and focused on two primary sectors: high-performance materials and healthcare solutions.
The manufacturer has identified “climate change mitigation and adaptation” and “achieving a circular economy” as its key material issues and has been actively working to implement green energy solutions, reduce energy usage, and enhance its recycling technologies.
As part of this partnership, Teijin is set to integrate Circularise’s software to enhance the oversight of its extensive supply chain operations. The software employs Circularise’s “Smart Questioning” method, which uses Zero-Knowledge Proof technology to balance confidentiality with transparency, thus establishing a dependable system for tracing products.
The adoption of this platform will facilitate the sourcing of raw materials that have a reduced environmental footprint, aiding in the creation of sustainable offerings. Teijin is committed to optimising resource use throughout its supply chain management as part of its strategy to achieve carbon neutrality by 2050.
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By GlobalDataTeijin has pledged to decrease its consolidated energy usage while increasing its reliance on renewable energy sources and recycling processes.
Industries involved in materials and manufacturing are currently navigating through a critical phase of adaptation due to new EU regulations such as the Ecodesign for Sustainable Products Regulation (ESPR), Corporate Sustainability Reporting Directive (CSRD), and updates to the Extended Producer Responsibility (EPR) directive. These regulations highlight the necessity for improved traceability and sustainability measures within supply chains.
Circularise’s platform is designed to provide organisations with the capability to monitor a product or material’s journey, including its history, location, composition, and initial source within the supply chain.
Teijin will gain access to authenticated data from suppliers regarding their products’ carbon emissions, which will be instrumental in adhering to environmental regulations and fulfilling audit requirements.
Teijin environment solution division general manager Ton de Weijer said: “As a leading company in high-performance materials, we at Teijin are actively increasing our efforts to become more circular. The investment in Circularise will enable us to cooperate with a leader in the field of traceability and to create an environment that will support us in setting the right steps forward.”
Circularise seeks partnerships to encourage the adoption of its platform that enhances supply chain transparency and reliability.
Looking forward to its Series B fundraising efforts, Circularise is bolstered by Teijin Group’s support, which promises continued innovation and opportunities for market growth. This partnership is poised to further Circularise’s goal of making supply chains more transparent, traceable, and environmentally responsible.
In November 2022, Circularise garnered €11m during its Series A round, led by Brightlands Venture Partners with participation from Asahi Kasei, Neste, 4impact capital, and supplemented by European Commission grants.
Circularise co-founder Jordi de Vos said: “We believe that, together with Teijin, we can set a benchmark for industry-leading examples of the circular economy, delivering scalable and rapid solutions to the market.
“We are honoured to welcome Teijin Group as a strategic investor. This collaboration reflects our shared vision for a transparent, traceable, and sustainable supply chain. We look forward to this collaboration to further propel our mission and strengthen our market presence.”
In September this year, Teijin Frontier, the Teijin Group’s fibres and products converting company, announced production capacity expansion for conjugate filaments by increasing the number of spinning and drawing machines at its group company, Teijin Polyester (Thailand) Limited (TPL).
