Zymergen

Zymergen

Company type	Public
Industry	Biotechnology
Founded	2013 (2013)
Founder	Joshua Hoffman, Zach Serber, Jed Dean
Defunct	2024 (2024)
Fate	Acquired by Ginkgo Bioworks (2022); filed for Chapter 11 bankruptcy (2023); liquidation planned (2024)
Successor	Ginkgo Bioworks
Headquarters	Emeryville , United States
Key people	Jay Flatley (interim CEO)
Products	Hyaline (bio-manufactured polyimide film)
Owner	Ginkgo Bioworks (from 2022)
Parent	Ginkgo Bioworks (from 2022)

Zymergen was a biotechnology firm headquartered in Emeryville, California, USA. The company specialized in utilizing genomics alongside machine learning techniques to engineer genetically modified organisms capable of producing chemicals. Zymergen asserted that its production methods offered safer and more cost-effective alternatives compared to conventional approaches; however, it did not successfully validate these claims. Following its 2021 public offering, the company encountered significant hurdles related to manufacturing and revenue generation. In July 2022, Ginkgo Bioworks agreed to purchase Zymergen for $300 million.

History

Established in 2013 by investment banker Joshua Hoffman, biophysicist Zach Serber, and biochemist Jed Dean—who initially connected while working at Amyris, Inc.—Zymergen leveraged artificial intelligence and machine learning to genetically modify microbes that ferment carbon sources into chemicals used in consumer products and pharmaceuticals. The enterprise aimed to develop bio-based substitutes for petroleum-derived materials but was unable to demonstrate enhanced performance.

Zymergen secured funding rounds of $2 million in 2013, $44 million in 2015, $130 million from SoftBank's Vision Fund in 2016, $400 million in 2018, and an additional $300 million in 2020. By 2016, its clientele included DARPA and various Fortune 500 companies. In 2018, the company expanded by acquiring Radiant Genomics. Despite continuous capital influx, Zymergen reportedly had not achieved revenue generation by that time and initiated workforce reductions of approximately 10–15% by April 2020.

The company's inaugural product, Hyaline—a bio-manufactured polyimide film derived from diamine monomers—was introduced in December 2020. Designed for use in flexible consumer electronics such as smartphones and tablets, Hyaline featured transparency and flexibility. Zymergen proceeded with an initial public offering in April 2021, raising $500 million with underwriting led by JPMorgan Chase and Goldman Sachs.

Financial disclosures revealed that Zymergen recorded only $13 million in revenue during 2020 while incurring losses exceeding $262 million. Production complications surfaced as clients reported difficulties integrating Hyaline into their manufacturing workflows. These issues contributed to a steep decline in market capitalization and prompted shareholder litigation.

In August 2021, the company acknowledged Hyaline’s limited commercial prospects alongside a lack of revenue for that year. CEO Hoffman stepped down amid the turmoil and was succeeded by interim CEO Jay Flatley, formerly of Illumina, Inc.. Investor Cathie Wood purchased shares following the stock’s decline, providing a temporary boost to share prices.

Confronted with financial pressure, Zymergen undertook restructuring measures including cost reductions, loan renegotiations, substantial layoffs, and lease adjustments. Founder Jed Dean also exited the company during this period. By November 2021, Zymergen ceased Hyaline production to redirect focus toward drug and vaccine development efforts. Its difficulties have drawn parallels with other high-profile biotech failures such as Theranos.

In July 2022, Ginkgo Bioworks completed an acquisition of Zymergen through an all-stock transaction valued at $300 million.

On October 3, 2023, Zymergen filed for Chapter 11 bankruptcy. Subsequently, on February 5, 2024, the company announced plans for liquidation following asset disposals and employee layoffs.