Biosynthetic Technologies (BT), a US-based producer of biodegradable lubricants, has received an undisclosed amount of funding from specialty chemicals group Evonik and BP ventures, the corporate venturing subsidiary of petroleum company BP.
BT manufactures bio-based synthetic oils that are used across the industrial sector. It raised $9m from BP Ventures and agribusiness Monsanto in August 2013, according to an SEC filing.
Monsanto previously invested and undisclosed amount in BT as part of a licensing deal to allow the use of Monsanto’s Vistive Gold soybean oil in Biosynthetics’ production of biosynthetic lubricant oils.
Evonik has announced plans to invest up to $100m in startups with breakthrough technologies in Europe, the US and Asia.