Verdezyne, a US-based industrial biotech company developing processes for the production of renewable fuels and chemicals formerly known as Coda Genomics, has raised an undisclosed amount from a consortium including two corporate venturing units as new investors.
BP Alternative Energy Ventures, part of oil major BP’s renewable energy sources division set up in November 2005 to invest $8bn by 2015, and DSM Venturing, which has Netherlands-based industrial group DSM as parent, were the two new investors.
They joined a consortium including venture capital firms OVP Venture Partners and Monitor Ventures and angel networks Life Science Angels and Tech Coast Angels.
James Iademarco, vice-president of bio-based chemicals and fuels at DSM, said: "We see this investment as strategic given the complementary activities to our own portfolio within bio-based products and services."
William Radany, Verdezyne’s executive president, said: "This new funding, along with the support from existing investors, will enable the company to execute on its goal of creating and deploying first-in-class engineered yeast strains that efficiently produce bio-based fuels and platform chemicals."
In February, Verdezyne made a regulatory filing to say it had raised $9.4m of a planned $15m target.