NewNet News - OPX Biotechnologies raises $36.5m in venture funding

OPX Biotechnologies raises $36.5m in venture funding

7 Jul 2011

OPX Biotechnologies (OPXBIO) has closed on $36.5m in its Series C financing round led by US Renewables Group.

OPXBIO is also backed by DBL Investors, Mohr Davidow Ventures, Braemar Energy Ventures, Altira Group and X/Seed Capital.

The company said it plans to use the investment to accelerate the development and commercialisation of renewable, bio-based chemicals and fuels which it claims are lower-cost, higher-return and more sustainable than existing petroleum-based products.

OPXBIO utilises its proprietary Efficiency Directed Genome Engineering (EDGE) technology in its production process. With the new investment, the company will begin an industrial-scale process for producing its first renewable chemical, BioAcrylic.

BioAcrylic is a performance equivalent to petrol-based acrylic but costs less and is more sustainable. For these reasons, OPXBIO believes BioAcrylic will penetrate the $8bn acrylic market and gain increasing market share.

Through a joint development agreement with The Dow Chemical Company, OPXBIO plans to establish a large-scale demonstration of the process for BioAcrylic production and anticipates full commercialisation in three to five years.

‘OPXBIO clearly is leading the industry in addressing a large, growing global demand for economic, renewable alternatives to petro-based chemicals,’ said Jonathan Koch, managing director at US Renewables Group.

‘Powered by a proven technology platform and manufacturing process and an exceptionally strong management team, OPXBIO has demonstrated a superior ability to rapidly develop and commercialize multiple products to penetrate multi-billion dollar existing markets,’ he added.

Koch joined the OXPBIO board of directors after the Series C financing round.

Tags: biotechnology, venture capital