San Diego-based Genomatica, which describes itself as a sustainable chemicals company, closed a $15 million Series C round of funding, led by TPG Biotech.
Other investors include Mohr
Davidow Ventures, Alloy Ventures and Draper Fisher Jurvetson.
The company is developing technology for chemical production through
bio-manufacturing, rather than refining petroleum.
The investment will allow Genomatica to accelerate the development and scale-up of its flagship
process for commercial-scale production of 1,4 butanediol (BDO). BDO is used to make polymers, solvents and fine chemicals in clothing, cars and electronics.
In 2007,
the world consumed approximately 2.5 billion pounds of BDO, made entirely from non-renewable hydrocarbon feedstocks. The global market for BDO is valued at approximately $4
billion per year.
Over the last 18 months, Genomatica says it has achieved a 20,000-fold increase
in the concentration
of BDO produced by its proprietary microbes. The company says at these levels its process can be cost-competitive with incumbent petrochemical plants today.
Genomatica’s remaining work involves
repeatable, predictable, industry-standard processes to produce a
chemical product compatible
with the industry’s downstream assets and infrastructure. The company is
currently validating its
manufacturing process at a pilot scale.
The new funding will allow the company to continue
with its plans to scale into a fully integrated demonstration plant,
where it will finalize the
engineering of its process for commercial-scale production of BDO.
Beyond BDO, Genomatica said the funding will allow it to expand its pipeline to include additional
large-market chemical targets that the company aims to produce from renewable feedstocks.
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