A Jharkhand-based deeptech startup is tackling a long-standing industrial challenge: transforming factory emissions into valuable resources. Intrinsic Foundries, a carbon-to-value biomanufacturing company, has secured Rs 12 crore in seed funding led by Transition VC. This investment is pivotal, as it supports a novel approach in the climate space where emissions are viewed not as waste, but as a potential revenue stream. This marks a shift from traditional methods that often see emissions as costly waste to be managed.
Intrinsic Foundries’ Innovative Approach
Founded in 2023, Intrinsic Foundries is at the forefront of converting industrial emissions into premium biochemicals. The company’s technology leverages proprietary microbial biorefinery systems, modular photobioreactors, and integrated automation. By feeding captured carbon to microalgae in controlled environments, Intrinsic Foundries produces compounds that can be used in various industries, including pharmaceuticals, nutraceuticals, and food systems. This innovative approach effectively turns polluting industries like steel and cement into suppliers for other sectors.
Having completed a successful proof of concept at a thermal power plant in 2025, Intrinsic Foundries demonstrated the feasibility and efficiency of its carbon capture technology under real-world conditions. The company is now focused on commissioning multiple industrial pilots and operationalising a commercial-scale plant capable of processing one tonne of emissions per day within the next 12 to 24 months. This expansion is supported by fresh capital, which will also aid in research, IP filings, and establishing a US entity to tap into global markets.
Context and Competitive Landscape
India’s commitment to achieving net-zero emissions by 2070 heavily relies on innovations in sectors like steel, cement, and refineries, which are traditionally difficult to decarbonise. Carbon capture, utilisation, and storage (CCUS) is seen as a crucial strategy for these industries. However, the high costs associated with traditional carbon capture technologies have been a significant barrier. Intrinsic Foundries’ model offers a potential solution by creating a revenue-generating pathway through the conversion of carbon emissions into saleable products.
The Indian government’s allocation of Rs 20,000 crore over five years to scale up CCUS initiatives underlines the urgency and importance of developing economically viable solutions. Intrinsic Foundries is positioned to potentially redefine the economics of carbon capture by focusing on value creation rather than merely storage, setting it apart from competitors that rely on more conventional methods.
Implications for India’s Startup Ecosystem
Intrinsic Foundries’ success in securing funding and advancing its technology highlights the growing interest in sustainable and innovative solutions within India’s startup ecosystem. As the country pushes towards its net-zero goals, startups that can offer economically viable and scalable solutions to carbon emissions are likely to attract significant attention from investors and industry partners.
The support from Transition VC and the recognition from national competitions like the National Bio Entrepreneurship Competition reflect a broader trend of increased investment in climate tech and deeptech startups in India. This trend is essential for fostering a vibrant ecosystem where innovative solutions can be developed and scaled, contributing to both economic growth and environmental sustainability.
As Intrinsic Foundries progresses towards its commercialisation goals, stakeholders in India’s tech sector should watch how the company navigates the challenges of scale and market expansion. For founders and investors, this case highlights the potential of turning environmental challenges into business opportunities and the importance of strategic partnerships in scaling innovative solutions.
