US-based advanced materials developer Checkerspot completed a $36m series B round on Wednesday featuring Cavallo Ventures, the corporate venture capital arm of agribusiness Wilbur-Ellis.
The round was led by hedge fund manager Viking Global Investors and included Builders VC and Breakout Ventures. The company has now raised $54m since it was founded in 2016.
Checkerspot optimises microbes to produce structural oils such as fatty acids and triglycerides which are generated in nature but otherwise not available on a commercial scale. It has so far commercially released a urethane-based composite, a cast urethane and an algal oil.
Scott Franklin, co-founder and chief scientific officer of Checkerspot, said: “Understanding the genomics of microalgae allows us to connect the world of biotechnology to bespoke materials and high-performance consumer products.
“Through rapid formulation, fabrication and prototyping, we are able to dial in material performance in products in as little as 72 hours. These materials we are focusing on have wide application potential in a range of industries, and this new funding will allow us to grow our platform and expand our reach into those markets.”
VC firm KdT Ventures led Checkerspot’s $5m seed round in June 2018, investing alongside chemical producer and co-development partner DIC Corporation, Viking Global Investors, Refactor Capital, Sahsen Ventures and Godfrey Capital.
The company graduated from genomics technology provider Illumina’s Accelerator the same year, and added $13m in an April 2019 series A round led by Builders VC and backed by Viking Global, Breakout Ventures, KdT Ventures, Sahsen Ventures, Godfrey Capital and Plug and Play Ventures.
