L'Oréal, Walgreens back China biomaterials startup PAM2L in $30M round
What's the deal? Shenzhen Boyin Biotechnology, the company behind AI-native biomaterials startup PAM2L, has raised US$27.5M in Series A and A+ financing. L'OréalDealroom has a profile for this one. Try Dealroom →, Walgreens Boots AllianceDealroom has a profile for this one. Try Dealroom →, Guangzhou Pharmaceutical Group, and Guangxin Group co-led the round.
What does PAM2L do? Founded in 2021 by Dr. Zhong Chao of the Shenzhen Institute of Advanced Technology, the company uses synthetic biology and AI to design and manufacture biomaterials. Its lead molecules — recombinant mussel adhesive protein and Colamin — target beauty, healthcare, and nutrition markets.
Who's in? L'Oréal's BOLD fund and a Walgreens–Guangzhou Pharmaceutical fund co-led the A round; Guangxin Fund led the A+. GRC SinoGreen Capital, CoStone CapitalDealroom has a profile for this one. Try Dealroom →, Xingbo Shenghui, and Junke Danmu also took part. The roster spans beauty, healthcare, retail, and biomanufacturing.
What's the money for? PAM2L said it will upgrade its AI biomaterials R&D platform, develop new materials, scale production, and expand at home and abroad. It aims to move molecules from lab validation to industrial use.
Why now? The deal deepens L'Oréal's China strategy. PAM2L won the group's 2024 BIG BANG beauty-tech program, so the minority investment and joint R&D mark a shift from scouting toward commercialization.
The signal: Chief executive officer Nicolas Hieronimus has called China L'Oréal's second-biggest market and a source of technology it exports worldwide. "We have invested in some Chinese biotech companies like PAM2L," he said. The mix of beauty, healthcare, and biomanufacturing backers points to broad industrial interest in scaling biomaterials — though the partnership is not yet proof of wide commercial adoption.
Read more: chinamoneynetwork.com
Image credit: Idaho National Laboratory
