Siluria Technologies, a San Francisco, CA-based developer of a technology for direct conversion of natural gas into chemicals, materials, and fuels, closed its $13.3m Series A round of funding.
Investors include Alloy Ventures, ARCH Venture Partners, Kleiner Perkins Caufield & Byers, Altitude Life Science Ventures, Lux Capital, and a strategic investment from Presidio Ventures, the venture arm of global trading and operating firm Sumitomo Corporation.
The new capital will allow the company to optimize its natural-gas-to-materials platform to meet the performance levels required for commercialization. The technology will first target the $160bn annual market for ethylene.
Siluria was founded in 2008 by Dr. Angela Belcher of MIT.