Novomer Inc., a materials company developing a family of high-performance plastics, polymers and other chemicals from renewable feedstocks such as carbon dioxide, announced that it has raised $14 million in a Series B funding.
A spinoff from Cornell University, Novomer’s venture funding to date is approximately $21 million. Novomer said the Series B funds will be used to accelerate growth as the company prepares for commercialization.
OVP Venture Partners led the round, joining all of Novomer’s existing investors: Physic Venture Partners, Flagship Venture Partners and DSM Venturing. OVP Managing Director Carl Weissman will also join the Novomer board.
“Governments and companies around the globe have placed a heavy emphasis on environmental initiatives aimed at reducing carbon levels in the atmosphere,” said Weissman. “We believe that Novomer technologies enabling the use of carbon dioxide and carbon monoxide as inexpensive raw materials are truly innovative and economically efficient ways to transform pollution into high performance materials that address huge global markets.”
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