OPX Biotechnologies Inc., a bioproducts company based in Boulder, Colorado today announced the final closing of its B-round financing, raising $17.5 million to fund biofuels and green chemistry process development and demonstration.
Braemar Energy Ventures led the financing. New OPX investor Altira Group LLC and earlier round participants MDV (Mohr Davidow Ventures) and X/Seed Capital Management joined Braemar in this round.
"We now have secured the resources to drive process demonstration and strategic partnering as we accelerate toward commercialization,” OPX Biotechnologies President and CEO Charles R. (Chas) Eggert said.
OPX uses proprietary bioengineering technology to convert renewable
biomass feedstocks into fuels and green chemistry products. The
company’s first products are bioacrylic and biodiesel.
The company said its proprietary OPX EDGE™ (Efficiency Directed Genome Engineering) technology enables rapid and effective optimization of bioconversion processes to transform renewable biomass feedstocks at lower cost than petroleum-based alternatives.
OPX is now proving its economical bioprocesses at larger scale in advance of a demonstration plant startup in 2011. BarThe company employs 25 people today and expects to double its team over the next year.
Dr. Michael Lynch and Dr Ryan Gill co-founded OPX in 2007 based in-part on work they conducted at the University of Colorado – Boulder. Dr. Lynch is now chief scientific officer at OPX. Dr. Gill is an associate professor at the University of Colorado and also serves as a board director and senior advisor at the company.
Loading...