US-based chemicals producer Sirrus has completed a $6.5m series B round co-led by GM Ventures, the corporate venturing arm of automotive manufacturer General Motors, and venture capital firm Braemar Energy Ventures.
The equity round, which also featured Mitsui Global Investments (MGI), a subsidiary of diversified conglomerate Mitsui, and VC firm Arsenal Venture Partners, was closed alongside a $5m debt facility.
Founded as Bioformix, Sirrus makes monomers it claims can cut the energy use and cost involved in manufacturing products including coatings, adhesives, sealants and inks. The series B capital will be used to commercialise its technology.
Jon Lauckner, president of GM Ventures, said: “At GM, we are focused on accelerating the introduction of new manufacturing technologies.
“We believe the Sirrus low temperature cure chemistry has the potential to greatly reduce our energy consumption and manufacturing equipment required to cure adhesives and coatings, without sacrificing performance.”
The round increased the company’s overall funding to approximately $33.9m, according to regulatory filings. MGI, Braemar and Arsenal all committed capital to previous rounds raised by Sirrus.