Genomatica Raises $45 Million To Make Sustainable Chemicals, And Greener Spandex (A Good Thing, In This Case)
Genomatica, a San Diego based producer of chemicals from renewable sources including sugar, raised $45 million in a new round led by VantagePoint Venture Partners, a fund that has committed $2.5 billion to cleantech; and joined by Bright Capital, the venture arm of RU-COM group in Russia; and Waste Management, a large provider of waste management services in North America.
The company’s earlier investors joined the round as well, including: Alloy Ventures, Draper Fisher Jurvetson, Mohr Davidow Ventures and TPG Biotech. Altogether, Genomatica has raised $85 million in venture capital to date.
The company will use its new found capital to bring its first, commercial product mass market. The product is “Bio-BDO,” a chemical that can replace the oil or natural-gas derived 1,4-butanediol (regular BDO) in the manufacture of spandex, automotive plastics, running shoes and more.
Bio-BDO is made from renewable feedstocks — a range of sugars— according to the company’s website. Genomatica expects its commercial-scale plant to make Bio-BDO will become fully operational in late 2013. The company will also spend part of its latest round developing additional chemicals from renewable sources.
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