Kraig Biocraft Laboratories Inc., a biotechnology company focused on the development and commercialization of spider silk, has announced that the company, together with M the Movement, Kings Golden Harvest Pte Ltd (“Kings Group”), has established Spydasilk Enterprises Pte. Ltd. (“Spydasilk Enterprises”) as a Singapore-based joint venture.
This partnership represents the company’s first vertically integrated sales channel.
Spydasilk Enterprises is developing a premium line of luxury streetwear based on Kraig Labs’ spider silk technologies with exclusive sales rights within the Association of Southeast Asian Nations (ASEAN) region. The move positions Kraig Labs and Kings Group to advance their partnership, which began with a previously announced exclusive purchase and sales agreement valued at up to US$40 million.
The new joint venture company will commercialize Kraig Labs’ biodegradable and biocompatible super fibers using a scalable and cost-effective spider silk production platform and patented spider silk gene sequences in silkworms.