OPX Biotechnologies Inc., a Boulder, CO-based manufacturer of renewable bio-based chemicals and fuels, has raised $36.5m in the first closing of its Series C-private equity financing round.
The round was led by US Renewables Group (USRG), with participation from new investor DBL Investors and existing backers Mohr Davidow Ventures, Braemar Energy Ventures, Altira Group and X/Seed Capital.
The company intends to use the funds to accelerate development and commercialization of an industrial-scale process for producing its first renewable chemical, BioAcrylic. Acrylic derived from petroleum is used to make products such as diapers, detergents, paints and adhesives.
Led by president and CEO Charles R. (Chas) Eggert, OPXBIO uses its proprietary EDGE™ (Efficiency Directed Genome Engineering) technology to manufacture renewable bio-based chemicals and fuels more sustainable than existing petro-based products.
The company’s second product is diesel fuel bio-processed from carbon dioxide and hydrogen.
In conjunction with the funding, USRG managing director Jonathan Koch has joined OPXBIO’s Board of Directors.