Siluria Technologies, a San Francisco, CA-based company that has developed a methane-based alternative process for producing fuels and chemicals normally derived from oil, has raised $20m in Series B financing.
The round was led by the Wellcome Trust, which joins founding investors Alloy Ventures, ARCH Venture Partners, Kleiner Perkins Caufield & Byers (KPCB), Altitude Life Science Ventures, Lux Capital, and Presidio Ventures.
Founded in 2008 and led by president Dr. Alex Tkachenko, Siluria Technologies has integrated nanotechnology, biotechnology, and chemical engineering to deliver a methane activation process that enables direct conversion of methane into fuels and chemicals, providing an abundant and sustainable alternative to oil.
It is based on technology licensed from MIT developed by Dr. Angela Belcher.
The company is currently bringing the platform to pilot-scale.