May 28 2014
A University of Waterloo startup has been named one of the 2014 TiE50 winners -- a prestigious TiE Silicon Valley honour awarded to only 50 companies among thousands competing worldwide.
With support from the University's Waterloo Commercialization Office (WatCo), Tyromer Inc. was launched five years ago to commercialize an invention by Chemical Engineering Professor Costas Tzoganakis. The technology chemically breaks down -- devulcanizes -- tire rubber so it's suitable for reuse.
TiE50 is TiE Silicon Valley's premier annual awards program contested by thousands of technology startups worldwide. Since the awards inception, TiE reports that 94 per cent of the winners and finalists have been funded, attracting billions of dollars in investments.
"I'm pleased that Tyromer was selected as a prestigious TiE50 winner," said Sam Visaisouk, CEO of Tyromer, and Entrepreneur in Residence at WatCo. "At the same time, we're elated that the judges recognize the significance of our work, our vision, and the societal impact our technology can make."
About 350 million scrap tires are generated each year in North America, but have proved difficult to recycle. Typically less than 20% of a tire is used before disposal, making scrap tire management a global problem in need of an environmentally sustainable and financially viable solution.
Tyromer's process uses carbon dioxide (CO2) to selectively break the cross-linking sulfur bonds and bring about rapid devulcanization. In addition, Tyromer's technology is helping to change the mindset and management of scrap tires around the world, shifting from a disposal approach to a resource recovery practice that will help provide a sustainable solution to a global problem.
"The Tyromer technology is revolutionizing the way scrap tires, and potentially other rubber products, are discarded. They are an example of how research from this University is transforming the world in which we live," said D. George Dixon, vice-president, university research at Waterloo. "Professor Tzoganakis' invention will allow companies worldwide to reduce their manufacturing carbon footprint. Being named a TiE50 winner demonstrates confidence in Tyromer as a leader in solving the global scrap tire problem and developing a process for the economic harvest of a renewable resource."
With a strategic alliance in place with a manufacturer to supply and support devulcanization equipment globally, Tyromer is focused on taking the technology worldwide. In 2013, the company granted its first licence in France. Licences are pending in Croatia, Hungary, Spain, Russia, and Turkey. The next step for Tyromer is to raise follow-on financing to execute its joint venture and licensing business model.
The TiE50 award recognition significantly raises the company's profile as a socially responsible and ecologically sustainable investment opportunity, which the company hopes will lead to a near-term financing deal.