US-based bioengineering technology developer Genomatica has secured $90m in funding from investors including Ginkgo Bioworks, the specialist microbe producer that is also its organism engineering partner.
Investment firm Casdin Capital led the round while hedge fund Viking Global Investors also participated. Both are also investors in Gingko, Viking Global having backed the company’s $275m series D round in December 2017, which valued it at more than $1bn.
Genomatica is developing more biologically sustainable methods of processing chemicals for use in areas such as plastics, cosmetics, clothing, polymers and tires. It filed for an initial public offering in 2011 but withdrew it the following year.
Already a shareholder in the company, Gingko took part in the latest round in connection with an expansion of a partnership agreement that will now allow Genomatica to access its foundry resources.
Jason Kelly, Ginkgo Bioworks’ chief executive, said: “Genomatica has delivered high-volume bio-based chemicals to market at costs competitive with petrochemical production, not just once but multiple times.
“We are doubling down on renewable chemicals through our close relationship with Genomatica – and we are honoured to continue to partner with the best in the market.”
Genomatica has now raised a total of approximately $220m in equity financing, including $45m in an early 2011 round featuring waste services provider Waste Management.
The 2011 round also included VantagePoint Venture Partners, Bright Capital, Alloy Ventures, DFJ, Mohr Davidow Ventures and TPG Biotech, while Batios Holdings and Iceland Genomics Ventures are also along Genomatica’s early backers.
