AAA Renmatix generates $31m in new funding

Renmatix generates $31m in new funding

Renmatix, a US-based biochemical technology provider backed by petroleum company Total, chemicals producer BASF and waste services provider Waste Management, has raised $31.2m in new funding, according to a regulatory filing.

Founded in 2007, Renmatix’s Plantrose technology converts biomass like wood waste and agricultural residue into cellulosic sugar for use as an alternative to petroleum in biochemicals and biofuels.

The round increased Renmatix’s overall funding to about $140m, and follows $11.2m in equity funding in March 2015 from Total, as well as BASF and venture capital firm Kleiner Perkins Caufield & Byers (KPCB).

Total made the investment as part of a joint development agreement between Renmatix and its New Energies division. Renmatix aimed to raised $100m in the series D round, according to a regulatory filing, but did not disclose details about any subsequent fundraising.

BASF’s BASF Biorenewable subsidiary contributed $30m to the $75m series C round closed by Renmatix in 2012, which also included $25m from Waste Management and a contribution from KPCB.

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