Genomatica, a San Diego-based maker of green chemicals, has raised $15 million in a Series C financing led by TPG Biotech, a unit of Texas Pacific Group.
Returning investors include Mohr Davidow Ventures, Alloy Ventures and Draper Fisher Jurvetson – see full press release.
Part of the proceeds will support the construction of a demonstration plant. Chief Executive Christophe Schilling expects construction of the $10 million facility to begin this summer. Some of the cash will also support R&D to expand the company’s product offering.
With this latest funding Genomatica has raised $38.5 million since its inception in 2000.
Genomatica develops a key chemical intermediate known as Butanediol (BDO) from sugar rather than hydrocarbons. BDO are used to make polymers.
Companies like LS9 or Royal Dutch Shell-backed Virent Energy Systems, like Genomatica, have also developed processes that make hydrocarbon-based products from renewable feedstock. LS9, backed by Khosla Ventures, makes diesel from sugar enzymes and Virent converts plant sugars into gasoline.
Genomatica says it plans to go commercial in the next four years.