OKOSIX eyes $5m funding to increase reach

The green-tech startup will use the funds to apply for global patents and scale production.

Green-tech startup OKOSIX is seeking $5m in venture capital as it develops more organic, biodegradable and carbon-saving products to increase its reach and expand its factory to scale production, according to its CEO.

The Hong Kong startup also plans to hire more talents in research and development, sales and marketing, and laboratory operations, OKOSIX founder CEO Eddie Yu told Hong Kong Business.

“We are endorsed by GMI, a US market research company, that we are the first company in the world to have developed fully biodegradable medical-grade face masks (our first product),” he said in a Zoom interview. “We need to keep the bar high, so we’re going to develop more products.”

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These new products will include fully compostable organic sanitary pads and diapers, which have a big market, he pointed out.

OKOSIX, which started in February 2021 at the height of the global coronavirus pandemic, is helping solve the world’s plastic crisis by using organic and biodegradable raw materials to make disposable products such as face masks, medical dressings, orthopaedic braces, diapers, wipes, and air filters.

“At the moment, in hospitals, after medical disposable products are used, they will be incinerated, right? We want to change that because our material is fully compostable,” he added, noting that the world spends $400b to process medical wastes.

“We want to help with that.”

The global COVID-19 pandemic is estimated to have generated 7,200 tons of medical waste daily, much of it in the form of disposable masks, according to a Massachusetts Institute of Technology study in 2021.

OKOSIX products made from green raw materials fully break down naturally in six months, compared with the hundreds of years it takes for plastic-based products to do so.

Yu was inspired to shift from making regular face masks to developing biodegradable medical-grade masks by his five-year-old niece.

“She asked me, ‘Uncle Eddie, which recycling bin should we use for your face mask?’ and I told her, ‘Well, in the trash bin because it cannot be recycled,’” the inventor said. “That conversation inspired me to develop something that can fully break down in both composting and landfill environments.”

From just medical-grade face masks, the Hong Kong-based startup now has fully compostable medical-grade gowns, cosmetic beauty facial masks, and other nonwoven products like wipes.

Staying on top

A key component of these products is OKOmer, a material developed by OKOSIX from plant fibres and natural materials.  

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For its face mask, the startup also developed a filtration layer called Nadex, which stands for “Nano technology Degrades to Nothing (X)” and which blocks viruses.

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Apart from finished products such as face masks and medical gowns, the startup also supplies its clients with semi-finished components like fully compostable fabrics, nose pieces and ear loops. 

With their products, OKOSIX aims to enable their clients to achieve their sustainability goals and make money at the same time. Some of the world’s leading PPE companies are already conducting production trials with OKOSIX’s materials. 

“In Europe, one tonne of carbon dioxide emissions saved can be sold for €100,” Yu said. “So, imagine how much revenue those companies can generate by saving 10,000 tonnes, or even million tonnes of carbon footprints?”

OKOSIX could help brands cut their carbon footprint by 90%, he pointed out. The company seeks to help clients boost their revenue by reducing waste.

Helping a hospital cut waste is also helping it save money, the entrepreneur said. “Our ultimate goal is to turn medical wastes to valuable products like fertiliser and bio fuels, after sterilisation, and full biodegradation processes.  Then the ‘left over’ can generate extra revenue.”

OKOSIX’s range of products goes beyond the medical industry. Staying true to its goal of helping develop a circular economy, the startup also has know-how to enhance the quality and value of recycled plastics and commercially available bioplastics including PLA, Bio-PE, Bio-ABS etc.

“When you collect plastic waste, every time you crush or melt them to make new products, their properties, like strength and toughness, typically drop by around 30%,” Yu said. 

OKOSIX’s team is able to do the reverse. Currently, OKOSIX is helping some Fortune Global 500  listed companies to utilise either bioplastics or recycled plastics, with their own formulations, in order to make their products greener.

Recently, OKOSIX was chosen along with four other startups by the Hong Kong government to go on a six-month Acceleration Programme at Silicon Valley to showcase the city’s innovation and raise funds from venture capitalists.

Yu said the company would continue to innovate and improve its formulations to stay on top. “We want to develop more sustainable products for the world because, at the moment, there's little to no alternative,” Yu said.

“These are some of our tactics to stay ahead of the competition but I also welcome more companies to provide similar products / technologies, so that we can make a greener world for our future generations.”