Cool Planet, a US-based biocarbon technology developed backed by a range of corporate investors, has raised $19.3m in what it described as series A financing and note conversion.
Venture capital firm North Bridge Venture Partners and private investor Agustín Coppel co-led the round, the first tranche of which was closed in September 2016.
Formerly known as Cool Planet Energy Systems, Cool Planet is developing renewable fuel and chemical technology, and is focusing on engineered biocarbon products to improve soil health and crop yields which will be marketed under the name Cool Terra.
The company conducted more than 70 trials of Cool Terra in 2016 and has struck distribution deals with Helena Chemical, JR Simplot, Triangle Chemical Company and AG RX.
Cool Planet has now raised more than $150m since it was founded in 2009, including $9m from existing investors in January 2016. It closed a $100m series D round co-led by North Bridge and oil and gas producer Concord Energy in 2014.
Internet technology group Alphabet and energy producer Exelon took part in the series D through their GV and Constellation subsidiaries and were joined by petroleum producer BP and Energy Technology Ventures, the joint venture of corporates General Electric, ConocoPhillips and NRG Energy.
Shea Ventures, the corporate venturing arm of property developer JF Shea, led a series C round of undisclosed size for Cool Planet at the end of 2011 that included GV, General Electric, ConocoPhillips, NRG and North Bridge.
Cool Planet had closed a $17.7m series B round in early 2011 featuring General Electric’s GE Energy Financial Services unit and North Bridge, the latter of which had partcipated in a $3.5m series A two years earlier.