CARLSBAD, Calif.--(BUSINESS WIRE)--Verdezyne, Inc., an industrial biotechnology company developing cost-effective processes for the production of renewable fuels and chemicals, today announced it has closed a new funding round. New investors in this round include BP Alternative Energy Ventures and DSM Venturing B.V., and they join existing investors OVP Venture Partners and Monitor Ventures.
Verdezyne has significantly advanced its robust yeast production platform for the company’s ethanol and adipic acid processes. The additional financing allows Verdezyne to continue to build its yeast metabolic engineering capabilities to produce a pipeline of renewable transportation fuels and platform chemicals.
“Over the past year, we have been impressed with Verdezyne’s progress in its yeast platform for both fuels and biobased chemicals,” said James Iademarco, vice president of biobased chemicals and fuels at DSM. “We see this investment as strategic given the complementary activities to our own portfolio within Biobased Products and Services.”
“We are thrilled to have these two industry leaders validate Verdezyne’s technology and its business strategy by taking a stake in the company,” said E. William Radany, Verdezyne’s CEO and president. “This new funding, along with the support from existing investors, will enable the company to execute on its goal of creating and deploying first-in-class engineered yeast strains that efficiently produce biobased fuels and platform chemicals.”
Verdezyne is an industrial biotechnology company using proven and proprietary metabolic pathway engineering tools to create unique yeast strains for cost-effective production of biobased fuels and chemicals. Current investors in Verdezyne include BP, DSM, OVP Venture Partners, Monitor Ventures, Life Science Angels and Tech Coast Angels. For more information on Verdezyne, visit www.verdezyne.com.
About BP Alternative Energy Ventures
BP Alternative Energy, launched in November 2005, combines BP’s interests in low carbon energy. The portfolio includes biofuels, wind, solar, and technology development in carbon capture and storage. With a commitment to invest $8bn up to 2015 in renewable energy sources, Alternative Energy is an integral part of BP. More information at: www.bpalternativenergy.com.
BP Alternative Energy Ventures (AE Ventures) is a corporate venture capital team whose goal is to help innovative companies and entrepreneurs bring smart clean energy solutions to market faster and at scale. They selectively invest in early and growth stage companies in the cleantech energy sector that have disruptive and defendable technologies. Target areas are aligned with BP Alternative Energy’s core businesses as well as venturing into areas of innovation in the carbon markets and the wider landscape beyond BP’s traditional reach. AE Ventures actively supports its portfolio companies, working with them to create long-term financial and strategic value whilst creating access and learning for the BP Group. More information at: www.bp.com/ventures.
About DSM Venturing
DSM Venturing is an active investor in start-up companies, which create innovative products and services in Life Sciences and Materials Sciences that contribute to the quality of life. DSM Venturing's mission is to explore emerging markets and technologies in order to support DSM's innovation and growth strategy. Besides financial support, DSM Venturing supports the start-up companies with DSM's knowledge, resources and networks in order to establish mutual benefits and learnings. To DSM, venturing is an integral part of DSM's open innovation approach, focused on teaming up with innovative players all over the world. More information at: www.dsm-venturing.com.
DSM has annual net sales of about EUR 9 billion and employs some 22,000 people worldwide. The company is headquartered in the Netherlands, with locations on five continents. DSM is listed on Euronext Amsterdam. More information at: www.dsm.com.