BASF and Tate & Lyle’s corporate venturing units have helped Allylix, a US-based green chemicals company, raise $18.2m on Monday.
BASF Venture Capital and Tate & Lyle Ventures were joined in the series D round by venture firms Avrio Ventures and Cultivian Ventures, formerly known as Midpoint Food and Ag Fund. BASF Venture Capital invested $13.5m of the round. The amount raised takes the company to an estimated $32m raised in its history.
Allylix develops terpenes, a class of chemical, for the food, fragrance, pharmaceutical, agricultural and biofuel markets.
Daniela Proske, Principal at BASF Venture Capital America, said: "Our investment in Allylix could allow us to broaden our use of renewable raw materials for sustainable chemical solutions in the future and leverage our competency in aroma chemicals, nutrition and cosmetic chemicals."
Proske added: "The company has demonstrated the ability to produce high-quality products at scalable commercial quantities and at a lower price point, which is one of several compelling reasons to invest in Allylix."
The company’s series C round raised $9m in April 2010, with investment from venture firms Middleland Capital, Blue Grass Angels, Life Science Angels, Tech Coast Angels, Pasadena Angels and Tate & Lyle Ventures. The company’s series B raised $3.35m in 2007 with backing from Tate & Lyle Ventures, and other previous investors.
The company’s series A raised $1.5m in 2005, with backing from the Commonwealth Seed Fund of Kentucky, a state-managed venture capital fund, and the Kentucky Commercialization Fund, a state initiative ran by the Kentucky Science and Technology Corporation.