BioAmber Inc., a Minneapolis, MN-based renewable chemistry company focused on developing and commercializing biobased succinic acid and derivatives including modified PBS, has raised $45m in a Series B financing.
The round was co-led by Sofinnova Partners and NAXOS Capital Partners, with participation from Mitsui & Co. Venture Partners and the Cliffton Group.
The company intends to use the funds to accelerate the commercialization of succinic acid and modified PBS, a biodegradable plastic offering better heat resistance and processability than other biopolymers, according to the company.
The new capital will also fund ongoing development work in the field of succinic acid, including the second generation organism being developed with Cargill, the technology licensed from DuPont that converts succinic acid to 1,4-butanediol (BDO), the novel purification process developed and scaled up with MATRIC, and the use of non-food feedstocks to produce biobased succinic acid.
BioAmber will also strengthen its management team and build out its in-house R&D capabilities to accelerate the development of its adipic acid platform.
In conjunction with the fundingm Carole Piwnica, Managing Partner of NAXOS, join the company’s Board of Directors as Vice-Chairman.
Led by CEO Jean-Francois Huc, BioAmber has an office in Montreal, a sales office in Shanghai, China and a production plant in Pomacle, France.