Solazyme, a US-based developer of renewable fuels backed by two strategic investors, has raised $51.6m in its series D round from 17 groups, according to its regulatory filing.
US investment bank Morgan Stanley and venture capital firm Braemar Energy Ventures co-led the D round.
Chevron Technology Ventures, the corporate venturing division of oil major Chevron, San-Ei Gen, a Japan-based manufacturer of food ingredients, and VCs Lightspeed Venture Partners, Roda Group, Harris and Harris Group, VantagePoint Venture Partners and Zygote Ventures also joined the round as repeat investors.
Founded in 2003, previously raised $76m, including more than $57m in its series C round at which it said it had strategic investors but declined to reveal the names.
Solazyme uses bacteria fermentation to produce renewable oil that can be used for fuel, chemicals, food ingredients and soap. It agreed a research project with consumer goods maker Unilever last year which also gave Unilever an option to take a venturing stake in the company, a source said.