Founded in 2023 by Shreyansh Jain, Sanjay Jain, and Umang Jain, Intrinsic Foundries develops systems that use microalgae to convert industrial carbon emissions into biochemical products.Intrinsic Foundries, a carbon-to-value biomanufacturing startup, has raised ₹12 crore in a seed funding round led by Transition VC.
The Hazaribagh, Jharkhand-based startup said it will use the funds to run industrial pilots, expand research, file intellectual property, and build its engineering and commercial teams. It also plans to strengthen manufacturing capabilities and set up a US entity for international market access.
Founded in 2023 by Shreyansh Jain, Sanjay Jain, and Umang Jain, Intrinsic Foundries develops systems that use microalgae to convert industrial carbon emissions into biochemical products. The company is targeting sectors such as food, nutraceuticals, cosmetics and advanced materials.
Shreyansh said the idea emerged after the team’s earlier work with smart factories exposed the scale of emissions challenges among industrial customers. “There was a massive requirement with all the customers that we were working for in terms of their current challenges, which were to do with emissions,” he told ETEntrepreneur.
The company’s first system focuses on capturing carbon dioxide from industrial sources using algae that grow through photosynthesis. Intrinsic installs modular photobioreactors at factory sites, where selected algae strains consume carbon dioxide, water and sunlight to produce biomass.
Shreyansh described the reactors as “liquid forests” designed for industrial environments. The harvested biomass is processed to extract components such as proteins, lipids and pigments, which are then sold to downstream buyers.
“These algae grow in these massive liquid forests which are modular, scalable and suitable for an industry setting,” Shreyansh said.
The potential outputs include vegan proteins for food and animal feed, oils for cosmetic and nutraceutical applications, and feedstock that can be used in biofuel production.
The company works with two sets of customers: industrial emitters that host the systems and buyers that purchase the resulting biochemical products. Rather than relying on carbon credits, Intrinsic said its model focuses on monetising captured carbon through product sales.
“We are not a carbon capture company. Our entire vision is to convert carbon that is a waste into value,” Shreyansh said.
Intrinsic said it completed a proof of concept at a thermal power plant last year, where it demonstrated continuous capture operations. It is currently in discussions with companies across cement, steel, pharmaceuticals and food systems.
“By utilising the captured carbon, Intrinsic Foundries’ technology platform generates high-value biochemicals for the pharmaceutical, nutraceutical, and cosmetic Industries. In the recent budget, India has committed ₹20,000 crore over five years to scale up carbon capture, utilisation, and storage. This will rapidly advance CCUS, and we believe Intrinsic is well-positioned to capture a significant share of the market.”, said Shantanu Chaturvedi, partner at Transition VC.
The startup has chosen to remain headquartered in Jharkhand, citing proximity to large industrial clusters in Jharkhand, Odisha and Chhattisgarh. Shreyansh said being close to emitters was important for deploying and maintaining the reactor systems, though the company collaborates with research partners across major cities.
Over the next 12 to 24 months, Intrinsic plans to commission multiple industrial pilots and operationalise its first one-ton-per-day commercial plant. The company also expects to expand its patent pipeline and generate early revenues from pilot deployments.
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