US-based alternative energy company Agilyx secured $25m in series C financing on Friday, with Total Energy Ventures, the corporate venturing fund belonging to oil and gas conglomerate Total, and environmental service company Waste Management among the backers.
Pre-IPO investment firm Keating Capital supplied $4m of the sum, joining existing investors in the round including waste and venture capital firms Kleiner Perkins Caufield & Byers, Saffron Hill Ventures and Chrysalix Energy Venture Capital, and investment firm Reference Capital.
Aside from Keating, the remaining investors all participated in Agilyx’s $22m series B round in March. Agikyx’s series A round raised $4.25m in April 2009 from Chrysalix, Saffron and Reference.
Founded in 2004, Agilyx converts waste plastics into synthetic oil and is planning to use the investment to build a ‘war chest’ to finance future international expansion, should the opportunity arise, as well as paying for marketing and business development.