Oman sovereign wealth fund invests in US biotech firm Tidal Vision
Oman's sovereign wealth fund, the Oman Investment Authority (OIA), has invested in Tidal Vision, an American biotech firm specialising in biopolymers.
The sultanate's investment arm, whose assets exceeded $49 billion in 2023, is one of the investors who participated in Tidal Vision's oversubscribed $140 million Series B financing round.
The investment is part of the fund's strategy to capitalise on sustainable innovations that support localisation of products, OIA confirmed on Monday.
Tidal Vision provides biomolecular solutions utilised in various industries like water treatment, agriculture and material science. It uses a natural alternative to traditional chemicals called chitosan, a polymer sourced from the shells of crustaceans like shrimps and crabs.
The company is looking to expand its global footprint and is building new infrastructure in Europe, Texas and Ohio.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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