Venture capital fund Artiman Ventures led a $12.7m series C round for US-based nutrition tecnhnology company Nutrinsic Corporation on Thursday that also included IDG Capital, a subsidiary of data and publishing company IDG.
IDG and Artiman were joined by High Country Venture and Maxhill Industries. IDG, High Country and Maxhill all participated as existing shareholders.
Nutrinsic specialises in upcycling proteins from wastewater produced by food and beverage producers, which can be converted to be used in animal feed. The company’s ProFloc protein is used as an ingredient in animal nutrition.
Nutrinsic’s new Ohio-based facility is set to come online by the end of 2014. The company already has a facility in China co-owned with local partners, which has been operational for seven months.
Nutrinsic CEO Leo Gingras said: “We are very pleased to have an organisation of the caliber of Artiman Ventures join our effort. We also greatly appreciate the continued support and guidance of our current shareholders.”