Genomatica, Inc. Raises $45 Million
3/4/2011 8:09:15 AM
San Francisco Business Times - by Steven E.F. Brown --Genomatica Inc. raised $45 million in its fourth round of venture funding.
New investor VantagePoint Venture Partners gave the most money in the round. Other new investors included Bright Capital, part of Russia’s RU-COM Group and Waste Management Inc. (NYSE: WM).
A year ago, San Diego-based Genomatica raised $15 million from TPG Biotech, Mohr Davidow Ventures, Alloy Ventures and Draper Fisher Jurvetson. Those investors also gave money this time.
Genomatica, led by CEO Christophe Schilling, makes what it calls “greener” industrial chemicals that aren’t based on oil or other finite resources. Its first product is 1,4-butanediol, which is in pilot production. The company is making it now in 3,000 liter fermentation tanks.
BDO, as the chemical is called, is used to make spandex, automotive plastics, running shoes and other products.
Last month, Genomatica inked a deal with Houston-based Waste Management (now one of its investors) to seek ways to make industrial chemicals from synthetic gas created from municipal solid waste.
The company has raised $84 million total.