Renmatix, the US-based developer of a process for converting biomass into cellulosic sugar, has raised $14m in a round led by Microsoft founder Bill Gates that included oil and gas producer Total.
A securities filing in July this year indicated Renmatix had raised $31.2m in new funding, but the company has not disclosed whether the newly announced round is related to that capital.
Renmatix’s Plantrose process utilises hydrolysis to convert biomass material to cellulosic sugars which can then be used to generate biochemicals and biofuels.
The company is licensing the technology to businesses building biorefineries in markets including the US, Canada, India and Malaysia.
Patrick Pouyanné, Total’s chairman and chief executive, said: “At Total, our ambition is to become the responsible energy major.
“We want to make low-carbon businesses a profitable growth driver accounting for 20% of our portfolio in 20 years’ time. Meeting these goals is what has led to setting-up and expanding our collaboration with Renmatix.”
Renmatic had raised about $110m in funding prior to the July filing, including $75m in a 2012 round featuring BASF Biorenewable, a subsidiary of advanced materials producer BASF, as well as waste services provider Waste Management and Kleiner Perkins Caufield & Byers (KPCB).
BASF and KPCB were subsequently joined by Total for an $11.2m round in March 2015, with Total investing as part of a joint development deal with Renmatix.