BASF Venture Capital, the corporate venturing unit belonging to Germany-based chemical conglomerate BASF, is the largest investor in Germany-based biotechnology company Baseclick’s €1.2m ($1.7m) latest funding round.
Baseclick was spun-off by BASF Venture Capital from click chemistry research performed at the Ludwig Maximilian University of Munich, in 2008. Click chemistry involves generating substances by joining small units together and forms the basis of Baseclick’s technology, which is used for medical and biological research.
Apart from BASF, the remainder of the funding was provided by unnamed private investors. Baseclick will use the investment to expand its DNA-related technological research as well as building up its commercial arm in order to promote its diagnostic technology.