Mitsui’s corporate venturing unit has helped US-based plastics company Bioformix raise $13.6m.
Mitsui Global Investment was joined in the series A-1 round by venture firm Braemar Energy Ventures, which led the round, as well as Arsenal Venture Partners, and other unnamed strategic investors.
Bioformix’s technology can create plastics, polymers, and resins that polymerise "with little or no energy at high speeds".
Yoichiro Miwa, principal at MGI, said: "We believe Bioformix’s chemistry has a great potential of providing a paradigm shift solution to many industries. We are very delighted to join Bioformix team and to support the global commercial success of the unique platform technology."
The latest round follows the company raising $1.05m in funding in 2010 from angel investors Queen City Angels and CincyTech. CincyTech invested $200,000.