US-based chemical producer Renmatix has closed a $75m series C round with late participation from waste disposal company Waste Management (WM) as part of a joint development agreement (JDA) between the companies.
The $25m investment from WM comes as an extension on the company’s original $50m series C round announced in January. The C round was led by chemical company BASF’s subsidiary, BASF Biorenewable, which funded $30m of the round. Venture capital firm Kleiner Perkins Caufield & Byers (KPCB) also participated.
Renmatix has now raised $97.1m in venture funding. According to regulatory filings under Renmatix’s previous name, Sriya Innovations, the firm raised a $7.1m series A round in December 2007 and a $15m series B round in October 2008, both of which came from KPCB.
The JDA will see WM provide Renmatix with urban-sourced waste. Renmatix will then use its Plantrose process to convert the waste into sugars for manufacturing bio-based materials.
Mike Hamilton, chief executive of Renmatix, said: “Creating a JDA with Waste Management is an example of how we are working to extend our technology platform to meet industry demand. This initiative has the potential to harness post-consumer biomass from urban communities as a source for cellulosic sugars.
“Together we are exploring a new pathway to renewing waste. If this approach proves compatible with the Plantrose process, it effectively expands our basket of available feedstocks and increases our footprint to serve the market for low-cost petrochemical alternatives.”