Plaxica, a London, UK-based developer of new types of polylactic acid, a biopolymer made from renewable and sustainable resources, has raised £5m in Series B funding.
Following the investment, Innovations will hold 36.5% of the company.
To date, Plaxica has raised around £10m from its investors.
The company intends to use the funds to advance key aspects of its technology towards commercial implementation and licensing.
Led by CEO Phil Goodier, Chairman Philip Holbeche, and Chief Operating Officer Mark Sutton, Plaxica is developing innovative polylactic acid (PLA) polymers and platform chemicals from sustainable resources, which are aimed at applications as diverse as packaging, electronic goods, automotive parts and textiles.
They are also expected to have improved physical properties, a smaller environmental footprint, full recyclability, and cost competitive with current oil-based alternatives.
The company has established a second UK site in Wilton on Teesside that is focused on process development, scale-up and demonstration.